GAME Group to File for Administration

After this morning’s news that GAME Group PLC had been delisted from the London Stock Exchange, in which they stated that “The Company [would] provide a further update in due course,a further press release has been issued. In the press release they state that talks with third parties have not progressed far enough and as they don’t have enough time left to sort out a viable plan for the business, they have filed for administration. The full press release can be found below:

“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.”

As of yet, it’s uncertain how long they will be able to remain trading, but MCV reported last night that they may be planning to close down the majority of their Gamestation stores and re-open the remaining GAME and Gamestation stores under a new company, replacing GMG (GAME Group PLC), which could give them some breathing room whilst they perform any restructuring.

What do you all think of this news? Would you be sad to see Gamestation die? Do you think GAME and Gamestation were too common on the highstreet? Let us know in the comments below.

Sources: Source 1

<

Leave a Reply

Copyright © 2012 MCM BUZZ – Movies, TV, Comics, Gaming, Anime, Cosplay News & Reviews