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Game Group Enters Administration

As of 7:30AM (GMT) today Game Group will no longer be trading on the London stock exchange.

In a statement released on their website the Game Group say;

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

Game have been suffering recently with big games like Mass Effect 3, Street Fighter X Tekken  and Fifa Street(which is the number one selling game in the UK) amongst  others being removed from sale.

There are several rumoured suitors for the business including GameStop and Wal-Mart. However it isn’t just a free for all as a bid from OpCapita(owners of UK tech chain Comet) has been reportedly rejected.

Update: It’s official Game had entered administration. A statement released on the website states:

“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.

 

It’s never good to see another store on the high street shut up shop, but I hope that this process allows for some restructuring and brings back what was once a great store.

Sources: BBC News, VG247, Game Group

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