GAME will enter administration within a week
Laurence Howe / 7 years ago
GAME Group will go into administration this week if it doesn’t secure £180 million to pay its creditors, according to The Sunday Times.
GAME reportedly has a £21m rent payment due on Sunday, more than £10m owed in deferred VAT, £40m owed to video game suppliers and a £12m wage bill shortly requiring payment.
In the last few weeks GAME has lost the support of Nintendo, EA, Sega, Capcom, Tecmo Koei, Microsoft and Activision, meaning it hasn’t been able to offer recent releases such as Mass Effect 3, Street Fighter X Tekken and FIFA Street, and won’t be stocking upcoming games including Resident Evil: Operation Raccoon City and Kinect Star Wars.
The retailer said in a statement last week:
“The Board of GAME is working actively to resolve these issues as quickly as possible. This includes ongoing discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all of its assets in the UK and international territories.
“It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company.”
So, if you’ve got any discounts or vouchers or coupons or GAME points of any sort, now is the time to use them.