GAME Group files for Administration in the UK
GAME Australia stores should be still safe, for now.
It was bound to happen but UK retailer GAME has submitted an application to go into administration. To you and me that means they’ve run out of money and are doing this step to avoid going into bankruptcy.
“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,” says a statement.
The board of the company says that they’ll continue to trade, even though they’re not getting many if any new games in stock. They’re doing this so they can at least try and make some money while this is all processed. About half of the stores GAME UK own will be sold, let’s hope those people running those stores don’t lose their jobs.
Worried about your local Australian GAME store? Don’t worry too much, GAME say they’re separate from the UK branch. Stranger things have happened though.
Source: MCVUK
