Thu, 22 Mar 2012 | ADMINISTRATION
Game is heading towards administration, after requesting for its shares to be suspended on the London Stock Exchange and filing its decision to bring in administrators.
Game said talks with stakeholders had collapsed and that equity in the group was now worthless.
PricewaterhouseCoopers is to step in as the administrator for the group in around ten days, during which time Game is to continue talking with lenders and other parties. Game’s 1,200 shops across the world, manned by a total of 10,000 staff, are to continue trading for the time being.
Perhaps the last straw for Game was its major suppliers Nintendo and Electronic Arts refusing to sell their new releases to the troubled video games retailer. Game’s rent bill is also due at the end of this week, and the company has been struggling to find the cash. It is expected that landlords will be closely monitoring the situation.
A proposal by OpCapital to rescue Game has fallen through - it is understood the offer had been conditional and that Game’s banks, including Barclays and RBS, felt it had not been a viable solution.
It is understood retail restructuring specialist Hilco has shown interest in Game’s international assets, while US video games seller GameStop made its interest known over the weekend.
Our previous story on OpCapital's offer to buy Game.
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