Posted on March 21, 2012 AT 06:24am
The company said in a statement:
“Further to this morning’s announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business.”
“The board has therefore today filed a notice of intention to appoint an administrator. In the short term the Board’s intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium.”
EGM’s TAKE: Well this signals the end of GAME as we know it. However, there is still hope. The company does have an option of paying off its debts and re-opening under a different name if it can get the funds together. Hopefully if it does this it will have learned some lessons. GAME, or whatever comes after, needs to offer more competitive prices and stop thinking it owns the video game retail market outright.
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