“Struggling video games retailer Game has put itself up for sale,” says the report today, “as it tries to raise cash to pay a quarterly rent bill due in a fortnight.”
The Times says that Rothschild has “been appointed to find a buyer” and says that if it can’t pay the landlords, GAME could go into administration, with Deloitte lined up to “handle any insolvency process”.
The Sunday Times reports that selling in such a short timeframe “could be a problem”.
The worst part of all this? Sounds like – in one case at least – the staff don’t know anything at all, with another saying they’re having to rely on sites like MCV.
GAME’s share price has plunged to 3.5p, meaning its market value is now just over £15m, says the aforementioned trade magazine.
Pookinator
I need to spend my £20’s worth of reward points…
matthewsworld
This is sad news. I had just read at http://www.talktechnews.co.uk/2012/03/05/is-it-game-over-for-game/ that they were in trouble and today I find out that they are for sale. I do hope that Gamestop buys them.
nofi
Is that your blog, by any chance?
PoolieMike
I worked for GAME back in 2002, glad I got out when I did tbf, they’ve gone steadily downhill since around 04.
The Lone Steven
I really hope someone buys them and slap them around the head before trying to salvage them. They didn’t change with the times and thus have partly done this to themselves. Even if you hate Game, they have prevented the supermarkets from taking over the gaming retail sector and i really hope they won’t disappear as i don’t fancy trying to find a game in town only to find out that Morrisons nor ASDA has it in stock due to it being released a year ago or not in the top 10. :S
iiekka
not sure if anyones already said this, but the website is down. its really not looking good.
stonyk
To all those people who want to buy shares, what happens when the company go into administration? Supposedly the shares are lost and if I was GameStop I’d buy a company in administration if I could – it’d be cheaper for a start. Might not be worth the gamble.