Game collapses into administration
The Game Group has today collapsed into administration and become the first retailing casualty of the March rent quarter date.
Mike Jervis and Stuart Maddison of PwC have been appointed joint administrators of the UK and Ireland operations of The Game Group, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (retail) Limited and Gamestation Limited.
The appointment comes after the ailing retailer delisted its shares from the stock market and filed a notice of its intention to appoint administrators last Wednesday.
Game, which has 609 stores throughout the UK and Ireland and had a turnover of £1.6bn in the year to 31 January 2012, has its head office in Basingstoke and operates in the UK, Spain, Portugal, France, the Czech Republic and Australia.
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.”