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GAME officially files for administration

Posted by TurtleGirl On March - 21 - 2012

The leading UK video game retailer, GAME has officially filed for administration, but will continue to trade at the present time.
 
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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,” a statement reads.
 

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.”
 

The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today
 

Following the news from MCV earlier, the GAME Group was delisted from London Stock Exchange. Our thoughts go out to all the staff, on this sad day.
 

Via MCV

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