Mon, 26 Mar 2012 | ADMINISTRATION
Stricken video game retailer Game is due to enter administration today - also its £21 million rent due date - after talks to save the group with OpCapita failed.
“There was contact between the banks and OpCapita late on Friday in the hope of reviving some sort of deal” an unnamed source told MCV. “The banks felt that selling GAME out of administration would leave them facing a colossal write down on what they invested.”
The move into administration is expected to spark off a sale of its assets, with 6,000 staff waiting to hear of the future of their jobs. Game will not be subject to a sale through a pre-pack administration. It is hoped that a buyer will purchase parts of its strongest assets, such as its prime stores and facilities.
Rumours are circulating that US rival GameStop could be looking to make an acquisition of Game’s British and Spanish operations, which would offer some good news for its employees.
Newspapers have described Game’s demise as “the biggest retail failure since Woolworths”.
The administrators PwC are expected to set about closing down underperforming stores, with some job cuts.
Our previous story on Game heads for administration.
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