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THE BUZZ: GAME Group has confirmed that the company has officially filed for administration.

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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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 Officially Files for Administration

GAME Group has confirmed that the company has officially filed for administration.

By Matthew Bennett | 03/21/2012 08:24 AM PT

News

THE BUZZ: GAME Group has confirmed that the company has officially filed for administration.

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.

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