Monday, March 26, 2012

Game To Go Into Administration putting more than 6000 at risk

Struggling retailer Game Group has confirmed it will go into administration, according to Sky sources, after failing to find a buyer.

More than 6,000 jobs are on the line at the video game retail chain's UK stores.

The group faced a £21m rent bill for the upcoming quarter, while struggling with £180m of debts.

Administrator PwC is expected to announce the closure of loss-making stores from Game's portfolio of 600 in Britain, before another attempt to sell off the business.

Shares slid from more than 70p at the start of last year to under 1p, before being suspended on Wednesday when the company admit "there is no equity value left" in the group. Read More