It Looks Like Game Has Gone Into Administration

We haven’t had an official announcement but UK investment advice website, ADVFN has listed a Notice of Intention to appoint an Administrator.

This is further to the earlier announcement that the group was suspending shares from the London Stock Exchange and is a measure to protect the company investors from hostile creditors.

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The statement, apparently issued by Game Group PLC. themselves, reads:

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.

As far as I’m aware, this notice gives the group ten business days to appoint an administrator while under certain legal protections from their creditors but if no administration officer is appointed, they can reapply and remain under the protection of this “interim moratorium” which prohibits the repossession of goods, landlords forfeiting a lease and any legal proceedings against the company.

Obviously, our thoughts are with those who are employed by the company and the uncertainty they now face. Best of luck to all involved.

Source: ADVFN Thanks, iiekka

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45 Comments

  1. Well that’s it then, their history.

  2. I really hope a phoenix rises from the flames. A new high street retailer set up a bit like an Apple store with lots of consoles to try out and play with, one box for each game on the wall and just a card you take to the desk to buy.
    Lots of staff who are proper gamers milling about and chatting unobtrusively to customers. A small pre-owned section with prices that actually come from the real world and promotions and competitions that build some customer loyalty.

    Doesn’t seem that hard.

    • That would be very nice, but unlikely as most buyers are too savvy these days and buy from the internet. But we can hope.

      Now is the time for someone like Wal-Mart or OpCapita to step in and grab a realy bargain.

      • *really grab a bargain

      • If a high street store did have fairly decent internet competitive prices then I think I would be likely to go into stores rather than internet.

      • I think a lot of people would, myself included.

        Unfortunately retail has a lot more overheads to account for than an online store (hence why brick & mortar stores tend to be a bit more expensive), so its difficult unless you are prepared to offset something else.

      • Indeed. I wouldn’t mind them being a little more pricey if I was getting something I can’t get online. Some friendly chat, a chance to try the game out, loyalty schemes plus the fact you have the item in your hand there and then. They’d still need to be a little more competitively priced than GAME were but I’d be willing to pay more.

    • Game (and Gamestation) problems were partly because the staff WERE gamers, they were rabid fanboys, not caring what the customer wanted and trying to push their agenda on customers.

      They would have been better with more professional sales staff and not fanboys.

      But yes, consoles and tryouts. That and the “get it now for only a little bit more than online” factor are the only reasons I would buy a DVD/Book/CD/Game from the highstreet.

      I certainly wouldn’t spend £20 more than Play.com or Amazon for the luxury of having to drive into town, park, fight past the chavs to get a game on launch day, when it will be cheaper a few weeks later and delivered to my door for less.

  3. I consider myself a generally informed chap (was going to say ‘clever’, but felt that was pushing it a bit!), but i have to say that i did have to look up the meaning to moratorium!

    Never come across that before now.

    Anyway, that aside. time will only tell for Game – This is a good move as they can begin to streamline operations, but it may also mean the beginning of the end.

  4. This was inevitable from the moment publishers starting pulling games from them. I feel sorry for the guys that work there, but I’m looking forward to when they need to get rid of stock – hopefully some absolute bargains.

    • i went in to my local blockbuster when it was closing down, and even tho they said it was a clearance sell there were no bargains lol…i guess because they could just sell the items on their website instead.

      maybe that’s what game will do. iirc zavvi and woolworths went in to administration but they still operate online.

    • There’ll be very few bargains, I think you’ll have seen most of the sale already. Sony stuff in particular is still owned by Sony, so they’ll just take it back – it won’t be discounted.

  5. idc about game, but i hope it doesn’t mean we lose gamestation as well, even tho they prices were similar they always had good deals in store pre-owed games 2 for £15 etc.

    they won’t be any high street game stores left. i know online is cheaper anyway but sometimes i’m willing to pay a bit more to have the game in my hand the same day…

    • Gamestation are part of the Game Group, so they are in the same boat as Game stores, sadly.

    • There is a choice, supermarkets.
      Of course no one employed there knows a damn thing about games.

      • Supermarkets only stock what they think they can sell. So less well known games like Unit 13, Binary Domain etc don’t get stocked by them. So that leaves online only, which is great if you’ve got the means to pay online.

  6. I might go in my local GAME, drop to my knees and scream “Nooooooo”.
    Always pick up hardware from GAME, just feels so much better than having it dropped at your door, especially if you’re first in line.

    • So does this mean my Gamestation credit note will be invalid?

  7. 66000 employees, I just hope they at least get a full pay cheque at the end of this month IF they close doors, best case someone buys up and saves a few of the stores. I can’t see a company with complete control over a specialised (growing) sector like that not being able to make a profit even with the supermarkets taking a share.000 employees, i just hope they at least get a full pay cheque at the end of this month IF they close doors, best case someone buys up and saves a few of the stores, i cant see a company with comeplete control over a specialised sector like that not being able to make a profit

    • 6000* employees not 66000 lol

      • I read the 66,000 figure and thought “No wonder they’ve gone bust!”.

  8. A moment of silence for the fallen of GAME?

  9. Thoughts with the employees and their families. I hope some company does come forward and buy up the business, hopefully some one that will help turn the place around and run it right. I don’t want to have to get games online or from a supermarket.

    • What’s wrong with getting games online or in a supermarket?

      • Nothing per say, I’m just a tactile shopper so like to hold the game when I’m at the till. Supermarkets, or the ones near me anyway, seem to charge a premium.Skyrim is still £40 at my local Morrisons

      • I am guessing its personal choice in this circumstance (although i could be wrong), but i suppose you also have to bear in mind that someone may not have the ability to shop online due to the fact that either they are too young to have a card or whatever, or just don’t have access to online services.

        There isn’t really a problem with getting games from Supermarkets i suppose, apart from there may not be one close enough to them to make the journey viable. Although, i have to admit that the games in my local supermarket serve as nothing more than a distraction from the monotony of the food shop, as they are priced waay out of range to pick up there & then.

        You know something is amiss when they have a ‘sale’ & the ‘sale’ price is £38.99.

        That’s right, revel in the discount of a whole pound! Whoo!

  10. Just been in to GAME and the staff weren’t looking overly joyous (queue jokes about ‘no change there’). I traded in a few games and spent a tonne of GAME Card credit on PSN credit (effectively shifting potentially bad credit to good). The guy doing the credit juggling for me reckoned it was the best thing to do as any unused GAME credit might, repeat ‘might’, not be usable shortly.

    • So is ‘good’ credit & ‘bad’ credit similar to ‘good’ bacteria & ‘bad’ bacteria?

      If so, you might want to round off the package by grabing a Yakult too. :)

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