Game Group shares have now been suspended from trading: BBC News - Game Group shares suspended from trading
Apparently they were worth 2.39p at close of trading yesterday.
My favourite part was......oops.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 has just filed for Administration.
Shame really but always going to happen. Not many people are going to want to pay £39 quid for a brand new game in Game when you can pick up most games from Tesco or off the net for cheaper.
I reckon now Game has gone bust chances are Tesco and online shops are going to see it as a chance to increase prices slightly seeing as there is now less competition.
Plus, places like Tesco make very little profit on the game when the sell them for £29.98 instead of £35 or whatever, the reason they do it is that once they get you in the store you are likely to spend money on other things as well - and at this point, retail shopping is about getting customers to come to you instead of their other usual stores more than anything else.
Last edited by Pete10141748; 21st March 2012 at 04:18 PM.
As far as I'm concerned, they deserve to go under because they simply haven't altered their business model to fit the industry that they are in. Bad for their staff though, which sucks.
Box shifting is no longer a profitable endeavor, with the advent of internet shopping, downloadable games, and supermarkets selling games en-masse.
So, they needed to adapt and provide some form of 'value added' service to their business.
Using Games Workshop as a model for their stores might work - run events there, launch days, gaming competitions, make the products look good and encourage people to be at your store for things other than just buying things.
Not to mention, basically eliminating PC games sales from their business model will not have helped - why not bring it back, but also link up with a PC manufacturer to sell PCs that can run games? Or graphics cards?
Provide reviews of games in store, so that people browsing can see whether or not the game in their hand is their cup of tea.
So many options to increase footfall, and increase profit, but no. A Game store now is basically the same it always has been - racks of overpriced boxes selling games that you can get cheaper elsewhere.
Game is going under. EA will not sell them stock anymore due to their financial troubles.
Yup. I got Modern Warfare 2, some spaghetti, tinned tomatoes, mince, bread, fish fingers, eggs and sliced ham. I only went in for a paper!Plus, places like Tesco make very little profit on the game when the sell them for £29.98 instead of £35 or whatever, the reason they do it is that once they get you in the store you are likely to spend money on other things as well
As said, entirely brought on by themselves. They had the software and the tech to do digital distribution first, and didn't. They lost out.
Gamestation were better in this regard - particularly for actually stocking second hand retro stuff - but they weren't the common store, GAME were. And GAME were rubbish.
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