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GAME Officially Files for Administration

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Posted on March 21, 2012 AT 06:24am

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.

Matthew Bennett, Associate Editor
Matthew Bennett finally got his big break with EGM three years ago, following years of volunteer work for various sites. 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. Follow him on Twitter @mattyjb89. Meet the rest of the crew.

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