Sounds like it’s just about all over for the Game Group, then, with The Express today claiming that talks between OpCapita and the banks ceasing, and other parties like Hilco withdrawing from negotiations.
MCV reiterates that Game’s rent is due today, and thus is likely to tip the business into administration as early as tomorrow. “GAME is likely to go into administration on Monday,” says the paper, “and the process of selling its assets will begin but this won’t be a pre-pack, where a company is bought immediately out of administration.”
“There was contact between the banks and OpCapita late on Friday in the hope of reviving some sort of deal. The banks felt that selling GAME out of administration would leave them facing a colossal write down on what they invested,” it continued.
If someone like GameStop doesn’t move quickly this could, MCV say, “mean an end to The GAME Group as we know it. And possibly the closure of all or some of the world’s GAME/Gamestation stores as early as tomorrow morning.”
We’ll keep you informed.