GAME files for administration

GAME has officially filed for administration, following on from this morning’s decision to delist itself from the London Stock Exchange.

GAME Group confirmed these details in a statement this morning:

“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.”

It was claimed on Monday that the company needed to raise £180 million this week to pay off creditors in order to avoid a collapse. This was just one of many signs that the company was struggling over the last month.

Alarm bells were really ringing at the start of March, when the company announced it would not be able to stock popular titles such as Mass Effect 3 and Street Fighter X Tekken due to the loss of support from major publishers.

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Written by Anthony H

Anthony has been playing games for far too much of his life, starting with the MS-DOS classic Mario is Missing. Since then his tastes have evolved to include just about anything, but his soft spot lies with shooters and the odd strategy game. Anthony will inspire you with his prose, uplift you with his wit and lie to you in his biography.

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