Just over a week ago it was announced that GAME UK was going up for sale to help it stem the tide of debits and premises rents it had to find for its UK retail outlets. As well as losing major game publishers from its books such as Capcom and Electronic Arts and their latest games, such as Mass Effect 3.
Unfortunately for its employees GAME UK has now slipped into administration and has removed its shares from trading after slipping a year from 62p to low 2.39p this week. The announcement was made 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.”