“It is a real shame to see yet another British company fall by the wayside,” commented Rich. B, writer at MLM. “It has been obvious that the company had been struggling for some time, with multiple suppliers withdrawing support. With the internet thriving with online retailers in this field, it was understandable that Game would find it hard to keep up.”
Currently hanging by a thread, Game have announced an official statement: “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 of a solvent solution for the business. The board has therefore today filed a notice of intention to appoint an administrator.”
In a desperate race against time, Game faces a £21m rent payment this week, as well as a £12m wage bill at the end of the month. Owning more than £10m in VAT and £40m to supplies, new investors would need to offer significant support up front.
Game Group was established in 1992, and was due to turn 20 this year. Following a number of acquisitions including Virgin Games and Gamestation, the Basingstoke based group currently trades from 1,300 UK stores under the name Game and Gamestation.
As gamers and customers of Game and Gamestation, mlm would like to wish the company and its employees all the best. It will be sad if we lose yet another British brand.