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THE BUZZ: GAME Group has officially appointed PricewaterhouseCoopers as its administrator.

In a statement this morning the company said:

“Further to our announcements of 21 March, the Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group.

“This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism.”

EGM’s TAKE: With the firm planning on closing all shops failing to make a profit a lot of jobs are set to be lost, which is a major blow for the U.K. economy. Hopefully the administrators can broker a sale of the remaining shops in order to save those jobs. This is a sad day for U.K. retail industry, but it’s been a long time coming due to noncompetitive pricing and a failure to adapt to a changing market.

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About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89

GAME Group Officially Enters Administration

GAME Group has officially appointed PricewaterhouseCoopers as its administrator.

By Matthew Bennett | 03/26/2012 08:14 AM PT

News

THE BUZZ: GAME Group has officially appointed PricewaterhouseCoopers as its administrator.

In a statement this morning the company said:

“Further to our announcements of 21 March, the Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group.

“This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism.”

EGM’s TAKE: With the firm planning on closing all shops failing to make a profit a lot of jobs are set to be lost, which is a major blow for the U.K. economy. Hopefully the administrators can broker a sale of the remaining shops in order to save those jobs. This is a sad day for U.K. retail industry, but it’s been a long time coming due to noncompetitive pricing and a failure to adapt to a changing market.

0   POINTS
0   POINTS



About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89