Nintendo

GAME Is Officially In Administration

The inevitable has happened and GAME has finally entered administration this morning. PwC is now in charge of the administration of the company. PwC has yet to confirm store closure plans, nor how many jobs it expects to cut. Here’s the entire statement:

Mike Jervis and Stuart Maddison of PwC were appointed joint administrators of the UK and Ireland operations of The GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (retail) Limited, Gamestation Limited (“the group”) on 26 March 2012. The appointment was made following the company’s announcements on 21 March that the listing of its securities on the Main Market of London Stock Exchange plc had been suspended from trading and a filing of a notice of intention to appoint an administrator had been made.

The group, with a turnover of £1,625m in the year to 31 January, is a multi-channel retailer of video games and video games hardware trading under the names of Game and Gamestation. The group’s head office is based in Basingstoke with operations in the UK and Ireland, Spain, Portugal, France, Czech Republic and Australia. There are currently 609 stores throughout the UK and Ireland. There are 385 employees based in the group’s head office in Basingstoke and 5,136 store employees across the UK and Ireland.

Mike Jervis, joint administrator and partner at PwC said:

“The group has faced serious cashflow and profit issues over the recent past. It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.

“Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable.”

28 comments

  1. Gamestop already closed here in Portugal, if GAME closes too, there isn´t more specialized gaming stores on Portugal, just Electronic Supermarkets… :x

  2. what does administration really mean? I live in Cz republic, what will happen to the GAME here?

  3. How come they never say anything about about the ones in Australia closing down?? Arent they all linked? :/

  4. This is very sad news. Sorry to all the employees about to lose their jobs and the gamers about to lose one of their major retailers.

    Leave luck to heaven.

    1. RIP gamestation also, thats owned by game, Went there last weekend and they don’t have any new games and their in ad.

      Sigh… Now we have HMV left…

  5. I can explan, when something goes into administration someones takes over until it gets sold (which means could trigger GameShop in UK) and hopefully this will not take long to find a buyer and stop all this panic about where to buy the games and consoles

  6. it was always going to happen this way. its means they will close alot of stores where they are doubled up. This way they wont have to pay future rent making the company a more promising buy. 40% of staff have been laid off today.

  7. So will we still be able to trade games in at GAME whilst it’s in administration, just before it goes completely under?

  8. Hopefully they’ll have good sales on. Might actually buy something from them if they put everything on cheap to get rid of stock.

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