Recently we revealed that the European retailer GAME was in a spot of trouble, well it seems that spot of trouble has finally caught up with them, with the entire GAME Group going into administration, in case you didn’t know the GAME Group consists of both GAME and Gamestation, meaning both are going down.
Earlier this morning GAME withdrew itself from the London Stock Exchange, only a couple of hours later releasing a statement to confirm it has had to call in administrators:
“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.
“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.”
With GAME owning a total of 1,270 retail stores across both Europe and Australia, this will be a heavy blow to both employees and the gaming industry itself, the problems were only noticed a few weeks ago when the company failed to secure copies of EA’s new title Mass Effect 3, the reason more than lily is not being able to keep up with other online companies who sell games a lot cheaper and easier.
It’s certainly going to be a sad moment for me if GAME do eventually go down, as they have always been my childhood gaming store, but the store has recently had some interest from potential buyers, including Walmart and Gamestop so there could be a chance that we might be able to keep our stores for a bit longer.
What do you think? How do you feel about GAME shutting down?