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.