General Chat Thread, GAME group goes into administration in General; GAME announced today that its board sees "no equity value left in the Group" and asked the London Stock Exchange ...
22nd March 2012, 10:09 AM #1
GAME group goes into administration
[source:The Verge - sourced from here]
GAME announced today that its board sees "no equity value left in the Group" and asked the London Stock Exchange to delist it from trading on the exchange, before announcing its plans to enter administration. The British video games retail company has over 1,000 stores worldwide, but has struggled to compete against the rise of social online gaming and rival web retailers. Despite its intention to enter administration, GAME says "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."
The company is appearing in court at 10am to request an administrator be appointed – expected to be Mike Jarvis of PwC.
By asking for a voluntary administration, Game will create a 10 day moratorium, which will protect it from creditors without formally going into administration.
The limbo period will give PwC the chance to complete a deal with a potential buyer.
More of the same from Gizmondo.
So, what does everyone think of this? Do you care? Are you looking forward to the "get rid of everything" sale?
Personally, I'm not that bothered. Game employees, at least the ones I've spoken to, have no idea what's going on game-wise. They're overpriced and usually packed solid, so it's a nightmare trying to look for anything. [Asking for help usually gets a blank stare...]
I'm just waiting for the clear out. Then, I may grab a Vita or 2... if they're really cheap. Which they wont be.
22nd March 2012, 10:18 AM #2
Not fussed at all. Since Steam's sales have become a regular occurrence (and the fact that usually within a few weeks, new big name titles usually have a weekend discount on there) I've not purchased a game from GAME for years. Sure, I'll pop in when it's confirmed that their stock is going at a bargain price, but I'll loose no sleep seeing them crash and burn.
I'm purely a PC gamer anyway and their selection is truly pathetic. Apart form the generic Top 10 chart (which are all far too overpriced anyway), the rest of the PC area is dedicated to either rubbish "3 for £10" games or the entire back catalogue of the S***e Simulator collection. I did actually pop into GAME a couple of weeks back purely for a browse and this was the latest addition to the:
I see on the Beeb that game sales surpassed video sales in 2011. I bet only 1% of those games were purchased in GAME...
Last edited by Rawns; 22nd March 2012 at 10:21 AM.
22nd March 2012, 10:24 AM #3
I always wanted to be a lumberjack.
In case anyone else thinks I'm serious.
Last edited by Earthling; 22nd March 2012 at 10:31 AM.
3 Thanks to Earthling:
korifugi (22nd March 2012), Rawns (22nd March 2012), sted (22nd March 2012)
22nd March 2012, 10:28 AM #4
Last edited by Rawns; 22nd March 2012 at 10:43 AM.
22nd March 2012, 10:31 AM #5
I think Rawns has summed it up pretty well there. They have destroyed their business model by reducing their stock down to top 10s etc... Exactly like HMV did. I used to spend hours browsing stores like HMV and Game, back when they stocked a huge range of stuff, buying obscure things I'd not seen before etc...
Now, all I can get is the latest games, at prices higher than their competitors, who also have the same range of games.
There's no differentiator between them and any of the supermarkets, or even places like Blockbuster video!
22nd March 2012, 10:31 AM #6
And be OK? Sleep all night and work all day?
Originally Posted by Earthling
I am the 1%?
Originally Posted by Rawns
22nd March 2012, 10:33 AM #7
Nor me.......quality stuff.
Originally Posted by Rawns
22nd March 2012, 10:34 AM #8
[QUOTE=X-13;806621]And be OK? Sleep all night and work all day?
Cut down trees, eat my lunch, go to the lava-tree.......
22nd March 2012, 10:37 AM #9
Originally Posted by Earthling
And break quotes apparently....
I'm guessing Wednesday is your off day? So it's shopping and buttered scones for tea.
22nd March 2012, 10:39 AM #10
If you purchased a game from GAME, you are Sir. Have a Tee shirt.
Originally Posted by X-13
22nd March 2012, 10:41 AM #11
Discussion on all this in this thread as well - and as I said there, I am saddened for a number of reasons but not surprised. The range of stock is utterly appalling - having just got my PS3 and thinking "ooh lovely, bet there's some great games from the 6 year backlog I can pick up" I wandered into GAME and they only had the current top 10 and a handful of overpriced pre-owned. I mean, fer Christ's sake, the Ico & Shadow of the Colossus disc was more expensive pre-owned in game than if I bought it off PSN, which is a monopoly shop for digital downloads on the PS3. That's just mad.
I'll pop back in when they have the fire sale (looked last week and it wasn't much) but all I can think is that they really did bring this on themselves.
22nd March 2012, 10:41 AM #12
My mum bought me this from a car boot sale, best 50p she ever spent...
Digger Simulator (PC)
22nd March 2012, 10:42 AM #13
I tell you what, let's not go any further otherwise we'll get to the 'Put on women's clothing' bit and things might get.........confused, shall we say.
22nd March 2012, 10:44 AM #14
Consider it added to my original post.
Originally Posted by Oaktech
22nd March 2012, 10:50 AM #15
Oh bugger. Bought my kids DSis for Christmas from Game which is going to mess up the warranty presumably if anything happens to them now. At least I've spent my GAME points (on a pre-owned Ben 10 Wii Game lol!).
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