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.
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
cam_manutd
Great..damn you GAME..now I have to advise my gf on what to wear and when I say that looks nice she is like “uhm yeah but ooh whatta bout that?” I hope they pull through, got some mates that work there :(
An-dz
i guess not buying those £100 of shares for 1pence each was defenitly a good idea
The Lone Steven
I hope this isn’t the end of the Game group and my thoughts go to those who will probably lose their jobs due to this. :S
I hope this will force Game to take a look at themselves and realise that they have put themselves in this mess thus causing them to restructure and come back with a venegance.
But i fear it will just lead to them either ditching the high street and going online only or going out of bussiness. Unless someone buys them at the last moment as i don’t want to look online for games or go into a supermarket to get a game. As i don’t like waiting for a game and the gaming sections in supermarkets tend to be very small and only have a limited amount of games.
SH Number 7/Mini-Lipscombe
This fucking sucks, gotta update that CV now.
Yahavage
I shall miss my local Game in the Metro Centre in Gateshead. One of the guys there was awesome and would get really excited if you bought a game he liked xD He went mental when we went in and bought the special edition Nartuo once lol. I know they weren’t always the best but you could get some really good buys sometimes so… I’ll miss it if it goes like :(
gaffers101
That’s terrible news. I’m still waiting for goods to arrive that I got in their online sale, hope they arrive soon.
MICKY17
I’m not a fan of GAME in general but I was seriously hoping they would survive in some way. I prefer going into a shop to buy a game, but if they don’t do competitive pricing, then this is what happens. Good luck to all the staff in finding new jobs though.
wonkey-willy
anyone got any spare “give a fu#* i’ve run out..
didnt see that coming did you..whens the closing down sales?
Forrest_01
As nofi mentioned previously, if administrators are called in, stock will most likely be reclaimed as assets & Sony will have stickered their stock as property of Sony, so i wouldn’t expect to see much in the way of discounts or sales at all (past what has already gone on of course).
Should have gotten in on the fireslae they were doing before this got announced i guess! :S
bigbaldwolf
It will be a sad day if we lose our highstreet game stores. Yes prices are cheaper online but I have always liked going into the shops and browsing the games. I hope that something can be done to save GAME and the 6000 jobs that this could affect.