UK Retailer GAME have gone into voluntary administration, pulling itself from the stock market this morning.
The company yesterday went into emergency talks with suppliers over the lack of new releases, where today they confirmed that they will continue both trading and discussions with lenders and developers.
“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.”
The company has said it has the revenue to pay it’s staff for hours worked, as well as interest of buyers with what seems to be intentions to streamline the business. This would involve getting rid of all GameStation’s (except the high profit ones), re-branding GAME and what’s left of GameStation to a new company (get rid of the bad PR), before halving its presence in the UK to around 300 stores.