Troubled UK gaming retailer Game Group is soon to put itself up for sale, according to national newspaper Sunday Times (via). A report in the paper claimed that the company had drafted in Rothschild to find a buyer.
The past week has brought the absence of Mass Effect 3, Street Fighter X Tekken and Asura’s Wrath in the company’s stock as well as further reports of imminent administration.
A statement from the company issued this morning read: “Further to GAME’s announcement of 29th February 2012 and recent press speculation, the Group confirms that it remains in discussions with its suppliers and lenders in relation to terms of trade that allow the business to operate within the facility provided by its banking syndicate, as announced on 3rd February 2012, and to meet its revised strategic plan. While these discussions are on-going, it has not been possible to source new products from a number of suppliers.
“The Board of GAME is working actively to resolve these issues as quickly as possible. This includes on-going 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.”
GAME’s current share price rests at 0.5p, which is over a 75 percent decrease. Is it time for the retailer to finally wave the white flag?