GAME files for administration

And the day has come; UK retailer Game Group has filed for administration, MCV is reporting this morning.

The company’s released a statement, explaining what exactly is going on: “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.”

All this comes after weeks of uncertainty and not stocking some of the biggest recent launches.

According to MCV, Game is in the process of splitting its assets in anticipation of setting up a new undertaking next week. Half the stores are expected to be sold off, most of them from the Gamestation branch.