GAME is saved.

[Rabid-Coot]

Game Group shares suspended from trading

Shares in the video games retailer Game Group have been suspended from trading "pending clarification of the company's financial position".
The firm has seen its business eroded by competition from online-only retailers, such as Steam and Amazon.
Last week, Game confirmed that a number of suppliers were refusing to do business with the company.
The group, which is headquartered in Basingstoke, has 1,300 stores worldwide, including 600 in the UK.
In a statement, the firm said the value of the company had been eroded, and had made the decision following talks with its lenders and a potential third party provider of finance.
"The board now considers itself to be unable to assess the business's financial position, and is of the opinion that there is no equity value left in the group.
"Therefore the company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 07:30 today."

http://www.bbc.co.uk/news/business-17455742

GAME has confirmed its intention to enter administration.
In a statement, the specialist retailer said its efforts to save the company had so far failed. "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 company said. "The board has therefore today filed a notice of intention to appoint an administrator."
GAME will, however, continue to trade in the short term as it seeks to save the business.
"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."
GAME Group had needed to raise £180 million by the end of the week to avoid slipping into administration. It's clear that was not possible.
Attention now turns to soon to be appointed administrator, and the fate of GAME Group's assets, including its shops, Basingstoke HQ and online businesses.
Potential suitors include US giant GameStop and Comet owner OpCapita.
Administration protects GAME Group from legal action from creditors, but its lending syndicate, headed up by RBS, will be contacted to discuss the next step.

http://www.eurogamer.net/articles/20...administration

[Ali_Star]

In before Rabid-Coot:

GAME Goes Into Administration

Ian Shepherd has resigned from his role as GAME CEO.

"I've said a number of times that the administrator, once appointed, takes charge of the business," said Shepherd in an internal memo to the company.

"Having two people try to do that is both confusing and a waste of money. With that in mind, I've agreed with Mike that I will step down as CEO and the business immediately – this is my final email to you all."

Shepherd also warned of tough times ahead for the retailer. "I'm sad to confirm that no deal has been done, and so I have signed the necessary paperwork this morning to allow the appointment of administrators," he added. "The process has been finalised, and so Mike Jarvis from PwC takes charge immediately.

"He will have a lot to do very quickly. Let's be clear, he will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.

"As I've said before, the business is worth more trading than not. It's going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can."



UK retailer GAME has officially entered administration after it was unable to find a buyer for the business. According to a statement on the London Stock Exchange, Professional services firm PwC has been named the Group's administrator after "careful consideration and ceaseless interrogation of every possible alternative".

Currently PwC has not confirmed if there will be store closures or commented on how many jobs will be impacted. However, Mike Jervis, joint administrator and partner at PwC did say, "we believe that there is room for a specialist game retailer in the territories in which it [GAME] operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable."

Last week the trading of GAME's shares on the stock exchange was suspended following the company's board claiming "that there's no equity value left in the Group". GAME filed for administration shortly after and despite rumours of a number of deals being tabled – including one from Comet owner Optcapital and US retailer Gamestop – a potential buyer has yet to be found.

Last week IGN looked at how GAME's demise could potentially impact UK gamers, plus the high street as a whole.

http://uk.games.ign.com/articles/122/1221574p1.html

[Rabid-Coot]

In before Rabid-Coot:

Somebody had to stop the dreaded quadruple post.

[Ali_Star]

There's now talk of RBS taking over, perhaps even by tomorrow!

[Rabid-Coot]

OpCapita have put in a second bid too.

http://www.independent.co.uk/news/bu...e-7595055.html

[Dragonvarsity]

In before Rabid-Coot

Somebody had to stop the dreaded quadruple post.

Seriously, someone should make a .gif saying "In before the coot", instead of "In before the lock". You're so quick with news o_o

[ryryryan•]

Cause he's a bot.

[Rabid-Coot]

Cause he's a bot.

You know you want some http://www.amazon.co.uk/s/ref=nb_sb_...=ugg&x=25&y=16

[Rabid-Coot]

[Rabid-Coot]

Bought for a pound.

http://www.mcvuk.com/news/read/game-...-agreed/093718
http://www.bbc.co.uk/news/business-17575500

[poorjack]

Just came back to this thread after a few weeks... Am I the only person who likes Gamestop

[Littlebigdude805]

I've bought a few games from there, they pull the whole deal with all the points and programs and the offering of used versions. Technically they aren't doing direct harm to you, but to the industry. I buy just about all of my games and electronics from Best Buy anyway. It's a weird feeling when the cashier at Best Buy seems to know more about your game than a Gamestop employee :P and they don't sell used games or try to hit you up with extra programs.

[Jedi_1993]

One of my local Game stores! There was two of them so it was pretty guaranteed that one would shut. It was weird walking past it being so... empty.

[Rabid-Coot]

One of my local Game stores! There was two of them so it was pretty guaranteed that one would shut. It was weird walking past it being so... empty.

Closures were based on profit not position. Some areas lost all their branches Stockport still has the GAME and Gamestation that are next door to each other.

[kirbyman62]

Milton Keynes has lost one, but it still has a GAME and a Gamestation practically next to each other (and a CeX).

[StaticLinuxpro]

Just came back to this thread after a few weeks... Am I the only person who likes Gamestop

Don't worry, i go to gamestop every once and a while. I actually head one near my house close down, and they moved the really nice employees out of the good store, so now they have the not so nice, dont care employees in the now not so good store.