GAME group goes into administration

[X-13]

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."

 

[source:The Verge - sourced from here]

 

 

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.

 

[source: Telegraph]

 

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.

[Rawns]

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...

 

http://www.bbc.co.uk/news/technology-17458205

Edited March 22, 2012 by Rawns

[Earthling]

But........but........but..........

 

I always wanted to be a lumberjack.

 

 

In case anyone else thinks I'm serious.

 

http://www.youtube.com/watch?v=mL7n5mEmXJo

Edited March 22, 2012 by Earthling

[Rawns]

But........but........but..........

 

I always wanted to be a lumberjack.

 

 

When your done here, how about one of these for a career?

 

 

With GAME selling titles of this high calibre, I just can't understand why they are going under!!!

Edited March 22, 2012 by Rawns

[localzuk]

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!

[X-13]

I always wanted to be a lumberjack.

 

And be OK? Sleep all night and work all day?

 

I bet only 1% of those games were purchased in GAME...

 

I am the 1%?

[Earthling]

When your done here, how about one of these for a career?

 

[ATTACH=CONFIG]13407[/ATTACH][ATTACH=CONFIG]13408[/ATTACH][ATTACH=CONFIG]13409[/ATTACH][ATTACH=CONFIG]13410[/ATTACH][ATTACH=CONFIG]13411[/ATTACH]

 

With GAME selling titles of this high calibre, I just can't understand why they are going under!!!

 

Nor me.......quality stuff.

[Earthling]

And be OK? Sleep all night and work all day?

 

Cut down trees, eat my lunch, go to the lava-tree.......

[X-13]

[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.......

 

 

And break quotes apparently....

 

I'm guessing Wednesday is your off day? So it's shopping and buttered scones for tea.

[Rawns]

I am the 1%?

 

If you purchased a game from GAME, you are Sir. Have a Tee shirt.

 

[sonofsanta]

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.

[Oaktech]

When your done here, how about one of these for a career?

 

[ATTACH=CONFIG]13407[/ATTACH][ATTACH=CONFIG]13408[/ATTACH][ATTACH=CONFIG]13409[/ATTACH][ATTACH=CONFIG]13410[/ATTACH][ATTACH=CONFIG]13411[/ATTACH]

 

With GAME selling titles of this high calibre, I just can't understand why they are going under!!!

 

My mum bought me this from a car boot sale, best 50p she ever spent...

 

Digger Simulator (PC)

[Earthling]

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.

 

[Rawns]

My mum bought me this from a car boot sale, best 50p she ever spent...

 

Digger Simulator (PC)

 

Consider it added to my original post.

[kaphc]

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!).

[andyturpie]

Never been into games since the mid eighties (I personally detest consoles and games), so the only thing I will comment on is that the lowly sales people and store managers will be put on the scap heap with the other 2.5 to 3 million and the CEO and directors with the teflon shoulders will be operating another business within 6 months again.

[X-13]

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.

 

The fire sale is on now... apparently. I went in the other day and it was pretty much the same prices.

 

 

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.

 

 

 

Dammit... I wanted you to say it. Then I would have screen-capped for future lols and a t-shirt for things like BETT.

 

As for confusing... On another forum/site I'm the trappiest of traps. [Due to a misunderstanding.] And get grief regardless of whether I go along with it or try to sort it out.

 

[Hello Liege if you're reading this.]

 

 

But, that's a thread for another day.

Edited March 22, 2012 by X-13

[AMLinington]

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.

 

I agree - the prices in the store are ridiculous and for pre-owned games too!! I would only buy a pre-owned game if the price was £5 or less tbh.

 

Having said that, don't expect much from the fire sale - considering how Game has not been allowed to order stock from certain game manufacturers, it is likely that chart and new stock will be withdrawn by the distributor and resold elsewhere because if they operate anything like the company I used to rep for, the game manufacturer distributes to a third party such as EUK who then sell to stores - excess stock is returned to the distributor and the store is 'refunded', what the distributer then does with the stock is between them and the game manufacturer. The sale will likely consist largely of the massive catalogue of pre-owned games as well as non-returnable titles and backstock. Even then, the administrators will need to wring every penny out of what stock is left to pay creditors so I doubt we will see much in the way of fabulous reductions - especially on consoles etc as the supplier will simply recall the stock. Anything that is left was sold outright to Game and will not be eligable for return which is usually older models sold off at a discount before new releases.

 

I bet actual monies that you will see some REALLY old XBox consoles and PS2s coming out of the Game store rooms before the end...

[X-13]

I bet actual monies that you will see some REALLY old XBox consoles and PS2s coming out of the Game store rooms before the end...

 

Then I may keep an eye out for ORIGINAL SHADOW OF THE COLLOSSUS!

 

[censored] PSN. I don't have a PS3.

[sonofsanta]

The fire sale is on now... apparently. I went in the other day and it was pretty much the same prices.

 

That's their Spring Clean sale, which was the "oh god please don't let us go under sale" and was pretty pathetic, yeah. Think I picked up Skyward Sword for £25 new which was ok, first party Nintendo titles don't often drop below that anyway, and I got a Ratchet and Clank game for my daughter pre-owned for about £3 (50p by the time I cashed in the last £2.50 on my older-than-the-staff GAME card), but it wasn't exactly inspiring.

 

Hoping for a Woolworth's style fire sale, which was a real SELL EVERYTHING effort. As @AMLightfoot says though, probably unlikely - and given what their range has been like whilst solvent, there probably won't be anything I'd want in a sale anyway...

Edited March 22, 2012 by sonofsanta
repetition repetition

[X-13]

That's Think I picked up Skyward Sword for £25 new which was ok, first party Nintendo titles don't often drop below that anyway

 

 

If I remember correctly, my "limited edition" version with the Wiimote+ and CD was about £30. Before the "aaaahhh don't let us dieeeee" sale.

 

 

Although, the Slim 320GB PS3 [silver with AC:R] for £99 was decent.

 

Which I totally missed. Not sure if it was even a legit offer. It isn't on the site anymore.

[Earthling]

 

Dammit... I wanted you to say it. Then I would have screen-capped for future lols and a t-shirt for things like BETT.

 

 

 

Ho hum................join the long (but distinguished) list of people that I've disappointed at some time or another.

[X-13]

Ho hum................join the long (but distinguished) list of people that I've disappointed at some time or another.

 

 

Soon in year, I will get someone to say something silly through subterfuge and shenanigans.

[sted]

as mentioned the range is awful just before christmas i wanted the halo 1 remake for the 360 not a new game granted but not that old few game stores diddnt have it and what games they did have were expensive. The asda living over from it had a much better range of titles and they were cheaper. So if a "specialist" retailer dont do range and cant compete on price whats the point?

[X-13]

So if a "specialist" retailer dont do range and cant compete on price whats the point?

 

Exactly.

 

The range thing is more to go with current gamers, though. They don't want old games. They want the newest, shiniest games with the best graphics.

 

So, old[er] games don't interest them. As they spend the most [CoD and the like], places like GAME focus on them to maximise profits.

 

Which is why I see multiple high end headphones [Turtle beach] and MW3 branded accessories and nothing I'm interested in. Like the Portal: Still Alive XBLA card...