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GAME is saved.

Archive: 56 posts

Latest https://lbpcentral.lbp-hub.com/index.php?t=68452-GAME-is-saved.&p=993089&viewfull=1#post993089

TL: DR If you have any store credit/gift cards/loyalty points with Game or Gamestation I reccomend getting them spent on anything while you still can.

GAME's bosses may pull the plug on the embattled high street shop, insiders have claimed.
Directors are considering cutting their losses after GAME failed to secure stock of Mario Party 9 and, crucially, Mass Effect 3 (http://www.eurogamer.net/articles/2012-02-29-game-not-stocking-mass-effect-3-or-ea-games-past-ssx).
Indeed GAME will not stock any of EA's planned March releases, including Tiger Woods 13, FIFA Street, and The Sims 3 Showtime.
A source "close to the situation" told The Express: "There is a real risk that GAME's directors will pull the plug because they can't be sure that the company can survive through the next trading season, and then insolvency becomes inevitable.
"They are in discussions with their legal advisers about whether to shut up shop rather than rack up more losses."
GAME could miss out on a potential ?7 million in revenue and ?2.5 million in profit by not stocking Mass Effect 3, an analyst predicted last week (http://www.eurogamer.net/articles/2012-03-02-game-could-face-2-5m-of-lost-profit-by-not-stocking-mass-effect-3).
Last month GAME managed to convince its syndicate of lenders, led by Royal Bank of Scotland, to relax its debt covenant. But sources "close to the State-owned bank" told The Express it was running out of patience.
"The immediate response from RBS will be to push for more store closures, but the tipping point for the directors and the lending banks will come when the stores don't have products to sell," said an "industry source".
"This could happen if more suppliers follow suit."
Another source added: "RBS will be looking for the best way to secure its position or improve it. Suppliers pulling their products is a stepping stone to administration, but the problem for RBS pulling the plug is that it will be an expensive and complex administration because Game has 1274 stores across Europe and Australia.
"Lending banks will only want to consider a pre-pack administration, where there is a pre-arranged buyer, but who would want to buy GAME?"
RBS declined to comment on the report.
GAME Group was last week forced to issue a note to shareholders in an attempt to calm concern over its ability to stock new games.
Its current stock issue with EA is "temporary", and both parties are working to make sure it doesn't happen again, GAME said.
GAME added: "As part of the strategic plan development process which it announced on February 3, the Group has been working closely with its suppliers, as well as other stakeholders. In particular, the Group has been discussing with its suppliers the level of support and engagement it needs from them over the coming months. There have, during that process, been isolated instances where it has not been possible to agree launch plans for individual game titles."
US retail giant GameStop is thought to be poised to make a bid for GAME (http://www.eurogamer.net/articles/2012-02-29-gamestop-wants-to-buy-game-report), particularly its UK and Spanish business.
http://www.eurogamer.net/articles/2012-03-05-real-risk-bosses-may-pull-the-plug-on-game-insiders-claim

2012-03-05 09:39:00

Author:
Rabid-Coot

Posts: 6728

Good riddance, I've never liked GAME. Only people I feel sorry for are those who lose their jobs.

2012-03-06 17:38:00

Author:
kirbyman62

Posts: 1893

GAME is alright when you want to trade stuff in, but their prices for new games are waaaaaaaay too high.

2012-03-06 19:09:00

Author:
Ali_Star

Posts: 4085

It looks like they just lost the GAME /Shades.

On a seriousy note, I only feel bad for those poor people who lost their jobs. I hear that GAME's prices for new games are rediculous.

2012-03-07 05:00:00

Author:
grayspence

Posts: 1990

It looks like they just lost the GAME /Shades.

On a seriousy note, I only feel bad for those poor people who lost their jobs. I hear that GAME's prices for new games are rediculous.

https://encrypted-tbn3.google.com/images?q=tbn:ANd9GcRYusnxI-Neo6_XuUnUONUvMr3wF48jKhXlv7rBSNIOmRXpuruP

2012-03-07 06:52:00

Author:
Speedynutty68

Posts: 1614

Street Fighter x Tekken and Asura's Wrath join the not being stocked bandwagon. http://www.mcvuk.com/news/read/game-not-stocking-street-fighter-x-tekken-and-asura-s-wrath/092246

2012-03-07 09:37:00

Author:
Rabid-Coot

Posts: 6728

I'm beginning to wonder if they'll stock LBP for the PSVita, or if they can survive 2012. (In a sense of not being bought out or in administration, not...oh never mind.)

2012-03-07 12:26:00

Author:
Jaymes_Keller

Posts: 27

Meh, digital downloads are the future.

2012-03-07 13:08:00

Author:
Unknown User

Maybe they are, but it seems more expensive, at least on some systems (not naming any names) to buy them digitally. Maybe if that was solved, then downloads would take off.

2012-03-07 13:50:00

Author:
Jaymes_Keller

Posts: 27

Seems theres a bit of a pre-owned firesale going on. http://www.hotukdeals.com/deals/cheap-pre-owned-games-gamestation-with-thanks-posters-48p-2-98p-1162435

2012-03-07 16:18:00

Author:
Rabid-Coot

Posts: 6728

Just got back from town bought a few things got asked the bonus card questions at both one asked if had anything to trade the other offered a friendly reminder that I could trade in when I was finished with them surprisingly neither tried the do you want to preorder anything line.

Got:

Killzone 2 - ?0.48
WET - ?1.98
Red Faction Guerrilla - ?1.98
Mirrors Edge - ?1.98
Child of Eden - ?2.98
Brink -?2.98
Medal of Honor (also inc. Frontline) - 2.98
LA Noire - 7.98

2012-03-08 14:09:00

Author:
Rabid-Coot

Posts: 6728

Nooo but I have ?3.29 on my reward card

2012-03-08 17:33:00

Author:
ARD

Posts: 4291

Just got back from town bought a few things got asked the bonus card questions at both one asked if had anything to trade the other offered a friendly reminder that I could trade in when I was finished with them surprisingly neither tried the do you want to preorder anything line.

*gasps for breathe*

Dear God... The ultimate run-on sentence!

2012-03-08 18:42:00

Author:
Whalio Cappuccino

Posts: 5250

Preowned hardware is going on sale tomorrow.

Confirmed today by staff in my local store on their price sheet..

PSPS:

BASE MODEL: ?29.99

2000: ?39.99

PSP GO AND 3003: ?49.99

WII'S:

WHITE: ?39.99

BLACK: ?49.99

BLUE WITH LONDON MARIO OLYMPICS: ?59.99

RED LIMITED EDITION MARIO: ?59.99

PS3'S:

40GB, 80GB AND 60GB: ?99.99

120GB AND 160GB: ?129.99

250GB AND 320GB: ?149.99

XBOX 360:

20GB AND 60GB; ?69.99

250GB SLIM: ?129.99

NINTENDO DS:

ORIGINAL: ?19.99

The Lites and dsi's are also reduced but cannot remember prices. http://www.hotukdeals.com/deals/game-gamestation-preowned-console-sale-starts-tomorrow-prices-thread-ex-160gb-ps3-1163617

To fill in a few of the gaps:

DS Lite: ?34.99 (I think, either 34 or 39)
DSi: ?49.99
DSi XL: ?79.99
360 4GB: ?99.99
360 120GB: ?99.99

2012-03-08 19:14:00

Author:
Rabid-Coot

Posts: 6728

Preowned hardware is going on sale tomorrow.

Is it only the pre-owned stuff on sale, or do they have new stuff on sale too?

Might wander down tomorrow anyway.

2012-03-08 20:19:00

Author:
Aya042

Posts: 2870

Nooo but I have ?3.29 on my reward card

It's still valid.

Is it only the pre-owned stuff on sale, or do they have new stuff on sale too?

Might wander down tomorrow anyway.

I've seen mention of new stuff going on sale but no prices have been mentioned anywhere yet.

2012-03-08 20:24:00

Author:
Rabid-Coot

Posts: 6728

I want them to recover from this, but I'm struggling to see how it will happen. Having the main video game store in the UK close down can only be a bad thing, for employees and consumers alike.

2012-03-08 21:31:00

Author:
ryryryan

Posts: 3767

MCV has learnt that senior members of the GAME management teams have been told to brace for the possibility of administration.
Senior staff were told at a meeting with CEO Ian Shepherd earlier this week that the chain has approximately two weeks to turn its fortunes around.
However, hope remains that a deal with a potential suitor ? namely, US retail rival GameStop ? could yet save the company from closure. Whether this would involve a complete buyout or a sale of part of GAME?s international operations cannot be said for certain.
The first step in this process is what has been widely described by consumers and press alike as a Fire Sale at UK GAME stores that kicked off today and has seen stock offered at what are alarmingly low prices.
This is an effort to inject some much-needed cash into the firm and to keep it alive for what could be a valuable few extra days.
However, should a deal with GameStop not be agreed in the coming days then GAME Group is readying a move into administration, possibility with a pre-package acquisition already planned for its would-be suitor.
Whatever the outcome, it is now certain that the sorry saga will soon draw to a close. One way or the other.
When asked by MCV, a GAME spokesperson said that it does not comment on rumour or speculation.

http://www.mcvuk.com/news/read/d-day-looms-for-game/092556

2012-03-09 17:13:00

Author:
Rabid-Coot

Posts: 6728

Hard to believe a company as big as this could get themselves into such a position. Id imagine that with far more competitive prices they could of been rolling in it right about now.

2012-03-09 21:26:00

Author:
ryryryan

Posts: 3767

Had a look today, they're practically giving some of it away.

2012-03-10 17:00:00

Author:
kirbyman62

Posts: 1893

Well, if GAME goes down I can't say it doesn't suck for the people who are getting unemployed. But still, they've got this coming for a long time. They've had a stranglehold on the retail videogame market for years, and always took advantage of it. They used to squeeze out publishers for benefits, like paying less for their stock of products. And the publishers couldn't refuse, because they can't afford to not have their games available in one of the biggest videogame stores in the world.
And then there's the used games market thing. I support its existence but buying used games for a few bucks and then charging almost as much for them as a new game's price is total BS, and the devs won't see a penny from those sales. The clerks are forced to do what they can to convince a customer to buy used instead of new.

GAME has been pulling strings and taking advantage of publishers for far too long. You reap what you sow, and I can't say I feel sorry for them.

2012-03-12 02:23:00

Author:
SnipySev

Posts: 2452

Being American, I don't really care, but I have been following this just cause. Anyway. Here:

http://www.joystiq.com/2012/03/11/report-uk-retailer-game-is-for-sale/

Enjoy. You bloody tea drinkers.

2012-03-12 03:11:00

Author:
RockSauron

Posts: 10882

Mounting weekend speculation about GAME has forced the Group to issue a statement about its future.
GAME says that "it has not been possible to source new products from a number of suppliers", despite 'ongoing discussions' with those firms.
It also reconfirmed that it is reviewing its entire business and assets.
Yesterday, the Sunday Times reported that the firm was preparing for a sale or even pre-pack administration - just two days after we reported that the firm's senior execs had been warned to expect the worst as a rent deadline looms in two weeks.
However, "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.?
The full statement reads:
"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 3 February 2012, and to meet its revised strategic plan. While these discussions are ongoing, 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 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.?
http://www.mcvuk.com/news/read/latest-game-statement-shows-firm-s-unsure-future/092601

2012-03-12 10:16:00

Author:
Rabid-Coot

Posts: 6728

Being American, I don't really care, but I have been following this just cause. Anyway. Here:

http://www.joystiq.com/2012/03/11/report-uk-retailer-game-is-for-sale/

Enjoy. You bloody tea drinkers.

I read this just after finishing some tea

Perhaps you Americans could enlighten us on Gamestop should they take over GAME?

EDIT: Also, I went to trade in a few games to get Portal 2, as I'd been wanting it for ages and it would be cheap enough to get for free now with the trade in. I still ended up getting it from CeX, and got ?6 back. No wonder they're going down the pothole.

2012-03-12 16:59:00

Author:
kirbyman62

Posts: 1893

Resident Evil Operation Raccoon City - No
Ninja Gaiden 3 - Nope
Wariors Orochi 3 -lololololololol NO
Twisted Metal - Yes.

http://www.eurogamer.net/articles/2012-03-13-game-wont-stock-resident-evil-operation-raccoon-city
http://www.eurogamer.net/articles/2012-03-13-game-wont-stock-ninja-gaiden-3-or-warriors-orochi-3
http://www.eurogamer.net/articles/2012-03-12-twisted-metal-will-be-sold-by-game-this-friday-sony-confirms

2012-03-13 13:02:00

Author:
Rabid-Coot

Posts: 6728

I read this just after finishing some tea

2012-03-13 13:32:00

Author:
poorjack

Posts: 1806

Gamestop is a great company that offers a lot of great services and has one of the best rewards programs around.

Well, sounds a lot better than GAME. When do they move in?

2012-03-13 18:36:00

Author:
kirbyman62

Posts: 1893

Well, sounds a lot better than GAME. When do they move in?
Im not sure if you noticed. But that has to be the most sarcastic post I've ever read on these forums. You'll learn to hate gamestop and their hellhole trade program.

2012-03-13 20:08:00

Author:
grayspence

Posts: 1990

From what I understand, the only difference between GAME and Gamestop is that GAME is going under and Gamestop is flourishing.

2012-03-13 22:35:00

Author:
RockSauron

Posts: 10882

I am noticing many of you complaining about GAME's prices, and the games are indeed wayyyy more expensive then the ones you will find in those huge stores selling everytihng i do not know the name of. Naturally you would go to them and naturally you are going to go down if you sell your games for so much more money.
It's not like they have any choice, though. In order to gain profit they have to sell them for crazy prices, where the big stores have so much in stock that they get discounts on their games, enabling them to sell them cheaper. GAME focuses on games only, forcing them to higher the price.

In my opinion, games are a bit too cheap nowadays. Remembering buying LBP? Many have spent at least +500 hours having fun and creating/playing things over these past three years. How much did you need to pay for those hours? (Except for pretty much sacrificing your social life

) Not too much money if you look at it that way, no?

You can see how games are too cheap if you look at some of the biggest new games coming out, too. Take Mass Effect 3 for example. The game sells at normal price, however in order to play the full game you will have to purchase DLC. That's right, there is DLC right on the disk which you will have to purchase for the full experience. I have seen players boycotting Mass Effect 3 for not giving you the complete game, but what are they to do? They spend years developing a masterpiece and need to make money, but the current prices for games are too cheap in order to make profit! The only way to survive would be to decapitate part of the game and sell as DLC, allowing the more interested players to get the full game and the ones not caring too much can enjoy most of the experience, but not too much of it.

Bah! Those are some of my thoughts. I for one will be missing my local GAME store, as I have purchased games there for wayyy too high prices for around 5 years.

2012-03-13 23:44:00

Author:
Mnniska

Posts: 531

Rumor has it that GAME lost their credit insurance, that's why they're failing at getting stock for upcoming games.

Hell if I know. I really don't know bugger all about credit insurance. I'd go to Wikipedia to see what it means but it's TL;DR. Not that long explanations usually disencourage me, but there's like 3 links in a single sentence, each leading into a page that's even more TL;DR than the last one.

Credit insurance doesn't sound like something you'd want to lose. Close enough for me.

2012-03-13 23:44:00

Author:
SnipySev

Posts: 2452

The only game I've purchased at GameStop in the last 6 months is Xenoblade Chronicles, and thats because Nintendo's website is being stupid with shipping -_-

2012-03-14 00:45:00

Author:
theswweet

Posts: 2468

In my opinion, games are a bit too cheap nowadays. Remembering buying LBP? Many have spent at least +500 hours having fun and creating/playing things over these past three years. How much did you need to pay for those hours? (Except for pretty much sacrificing your social life

) Not too much money if you look at it that way, no?

How much time you spend on a game has no relation to how much it should cost.

Games are not at all "too cheap" nowadays. I don't know much about GAME but it looks and sounds the exact same as Gamestop and Gamestop sells their games at the same price as all BIG retailers. So the fact that they raised the price of their games to the roof is not because they had to compete with BIG retailers. In fact, I guarantee if they had their games priced reasonably they'd be doing well.

The reason game devs are losing money and not making profit is entirely their fault. Surely game development costs are under the control of game developers. Assuming that these spiralling costs are the result of keeping up with increases in hardware capabilities... it's up to the devs to step out of the rat race. In fact, it's all the new high tech features that make games run WORSE rather than BETTER on most people's machines, and new tech leads to new bugs and lower quality games.

I think if they developed just a little further behind the tech curve, the games would run better and be more stable, the player would perceive game quality as better instead of worse, development costs would be lowered, prices could come down and sales would go up.

2012-03-14 00:49:00

Author:
Whalio Cappuccino

Posts: 5250

2012-03-14 10:50:00

Author:
Rabid-Coot

Posts: 6728

Its not that they've raised their prices its not being able to cut their price as much as the competition.
Most PS3 & 360 games have a RRP of ?49.99 GAME generally have the price around ?42 which is a fairly reasonable cut, online retailers typically have the price around ?38 and free delivery which is an even better cut.

There's a few other areas that need to be factored into the GAME equation.

Quantity of stores. The average city centre has three stores from the Game Group in close proximity, usually GAME (original) GAME (formally an Electronics Boutique) and a Gamestation which means their expenses are higher than they should be (and they can't easily shut the excess because of long leases)
Second hand competition. There's that many places doing trade-ins now they've had the double blow of lower volumes of preowned games and reduced profit margins on what they do get in.

The fickle casual market. The "casual" gamer is great when the current fad is something you stock (Buzz, Eyetoy, Singstar, Wii, DS, etc) but when the latest fad is out of your area (Facebook games, Apps) suddenly theres alot less money coming in.

Yeah, in Bolton, we used to have exactly what you suggested. One of the GAMEs closed down though. Incidently, it was the one that used to be Electronics Boutique, and was also my favourite of the GAMEs. I know Arndale in Manchester had 2 GAMEs the last time I went (a good few years ago), and the Trafford Centre has 2.

PS. Man, do I miss Electronics Boutique! For those who are old enough, do you remember the bargin baskets where you could get dog-cheap MegaDrive games etc? Awesome stuff!

2012-03-14 12:58:00

Author:
Ali_Star

Posts: 4085

Im not sure if you noticed. But that has to be the most sarcastic post I've ever read on these forums. You'll learn to hate gamestop and their hellhole trade program.

Clearly not, as I've never been to Gamestop, hence me asking

) Not too much money if you look at it that way, no?

Also, this is why I hardly buy games anymore. I don't ever feel they're worth it, a lot of games you can be done with in about 10 hours or so. Apart from the aforementioned Portal 2, the most recent game I've bought was Okamiden in July, and that lasted me a good 30 hours.

Yeah, in Bolton, we used to have exactly what you suggested. One of the GAMEs closed down though. Incidently, it was the one that used to be Electronics Boutique, and was also my favourite of the GAMEs. I know Arndale in Manchester had 2 GAMEs the last time I went (a good few years ago), and the Trafford Centre has 2.

PS. Man, do I miss Electronics Boutique! For those who are old enough, do you remember the bargin baskets where you could get dog-cheap MegaDrive games etc? Awesome stuff!

My town centre has a GAME and Gamestation (used to have two GAMEs, one of them shut down), and Milton Keynes, the next closest place, has 2 GAMEs and a Gamestation. You hardly see this happen with any other business, there's probably good reason which GAME seems to somehow have forgotten about.

And I've never heard of Electronics Boutique

2012-03-14 17:30:00

Author:
kirbyman62

Posts: 1893

No Kid Icarus Uprising http://www.eurogamer.net/articles/2012-03-14-nintendo-confirms-you-wont-be-able-to-buy-kid-icarus-uprising-from-game-gamestation

No Yakuza dead souls http://www.eurogamer.net/articles/2012-03-14-sega-transfers-game-exclusive-yakuza-dead-souls-dlc-to-other-shops

Buyout rumours http://www.eurogamer.net/articles/2012-03-14-game-buy-out-rumour-round-up

And I've never heard of Electronics Boutique

They took over Game and rebranded all their Electronics Boutique branches to GAME and the company to The Game Group in 2002 .

2012-03-14 18:02:00

Author:
Rabid-Coot

Posts: 6728

No Kid Icarus Uprising http://www.eurogamer.net/articles/2012-03-14-nintendo-confirms-you-wont-be-able-to-buy-kid-icarus-uprising-from-game-gamestation

Well that's weird, I saw an advert for Uprising in my GAME. Guess that shows how sudden all of this is to them.

They took over Game and rebranded all their Electronics Boutique branches to GAME and the company to The Game Group in 2002 .

I was 6/7 then, so that's probably why I don't remember

2012-03-15 18:55:00

Author:
kirbyman62

Posts: 1893

http://i.imgur.com/wKAs5l.jpg

Well that's weird, I saw an advert for Uprising in my GAME. Guess that shows how sudden all of this is to them.

They'll keep advertising everything until they know they're not getting it, they had a shelf advertising the Star Wars Xbox 360 last time I was in there and that got pulled from them a few hours later.

2012-03-17 14:46:00

Author:
Rabid-Coot

Posts: 6728

GAME Group is in a race to secure ?180m to pay creditors or face administration, The Sunday Times reports.

The specialist giant apparently has a ?21m rent payment due on Sunday, a ?12m wage bill due shortly after, and owes more than ?10m in deferred VAT and ?40m to video game suppliers.

The paper says that GAME could be put into administration this week as lenders believe the firm will not be able to find a backer in time. Any investor, as well as the above mentioned debt, would have to pay the firm's six banks - including Royal Bank of Scotland ? ?100m.

GAME is in emergency talks with a number of potential new backers, the paper writes.

OpCapita is interested, but the lenders are sceptical that the private investment specialist has the means to rescue the stricken High Street giant.

Wal-Mart and GameStop are believed to be two other likely suitors. Hilco is reportedly interested in GAME's international assets.

GAME hit trouble following a poor Christmas sales period. The business believed it would be a much stronger Christmas period, telling investors in September that they were confident in the software line-up ? which included Modern Warfare 3, FIFA, Halo, Zelda, several 3DS titles, Skyrim and Saints Row: The Third.

Like many retailers, GAME relies on Christmas to generate revenue, and uses a banking facility to get it through the quieter Spring and Summer months.

However, following a disappointing festive period, the Group had to renegotiate a deal with its lenders (namely RBS, Barclays and HSBC). It received a significantly lower facility, which bought the firm some time. However, in order to survive until the profitable Christmas period, GAME needed better supplier terms.

It reached out to its publishers, even holding an event at BAFTA for 80 to 90 of its partners to explain what was required in order to see the retailer survive.

Although early reports suggested the meeting was a success, GAME has failed to win over some big suppliers - namely EA, Nintendo, and most recently, Capcom. The firm has since missed out on major release Mass Effect 3, and has lsot support from Capcom, Nintendo, Microsoft, Activision, Sega, Tecmo Koei and more. Sony is a notable exception, supplying GAME with Vita units and games such as Twisted Metal

The situation has taken GAME to the brink of collapse.

http://www.mcvuk.com/news/read/report-game-in-race-to-raise-180m/092984

2012-03-18 12:09:00

Author:
Rabid-Coot

Posts: 6728

Game Group shares suspended from trading

Shares in the video games retailer Game Group have been suspended from trading "pending clarification of the company's financial position".
The firm has seen its business eroded by competition from online-only retailers, such as Steam and Amazon.
Last week, Game confirmed that a number of suppliers were refusing to do business with the company.
The group, which is headquartered in Basingstoke, has 1,300 stores worldwide, including 600 in the UK.
In a statement, the firm said the value of the company had been eroded, and had made the decision following talks with its lenders and a potential third party provider of finance.
"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 07:30 today."

http://www.bbc.co.uk/news/business-17455742

GAME has confirmed its intention to enter administration.
In a statement, the specialist retailer said its efforts to save the company had so far failed. "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 company said. "The board has therefore today filed a notice of intention to appoint an administrator."
GAME will, however, continue to trade in the short term as it seeks to save the business.
"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."
GAME Group had needed to raise ?180 million by the end of the week to avoid slipping into administration. It's clear that was not possible.
Attention now turns to soon to be appointed administrator, and the fate of GAME Group's assets, including its shops, Basingstoke HQ and online businesses.
Potential suitors include US giant GameStop and Comet owner OpCapita.
Administration protects GAME Group from legal action from creditors, but its lending syndicate, headed up by RBS, will be contacted to discuss the next step.

http://www.eurogamer.net/articles/2012-03-21-game-confirms-intention-to-enter-administration

2012-03-21 10:34:00

Author:
Rabid-Coot

Posts: 6728

In before Rabid-Coot:

GAME Goes Into Administration

Ian Shepherd has resigned from his role as GAME CEO.

"I've said a number of times that the administrator, once appointed, takes charge of the business," said Shepherd in an internal memo to the company.

"Having two people try to do that is both confusing and a waste of money. With that in mind, I've agreed with Mike that I will step down as CEO and the business immediately ? this is my final email to you all."

Shepherd also warned of tough times ahead for the retailer. "I'm sad to confirm that no deal has been done, and so I have signed the necessary paperwork this morning to allow the appointment of administrators," he added. "The process has been finalised, and so Mike Jarvis from PwC takes charge immediately.

"He will have a lot to do very quickly. Let's be clear, he will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.

"As I've said before, the business is worth more trading than not. It's going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can."

UK retailer GAME has officially entered administration after it was unable to find a buyer for the business. According to a statement on the London Stock Exchange, Professional services firm PwC has been named the Group's administrator after "careful consideration and ceaseless interrogation of every possible alternative".

Currently PwC has not confirmed if there will be store closures or commented on how many jobs will be impacted. However, Mike Jervis, joint administrator and partner at PwC did say, "we believe that there is room for a specialist game retailer in the territories in which it [GAME] operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable."

Last week the trading of GAME's shares on the stock exchange was suspended following the company's board claiming "that there's no equity value left in the Group". GAME filed for administration shortly after and despite rumours of a number of deals being tabled ? including one from Comet owner Optcapital and US retailer Gamestop ? a potential buyer has yet to be found.

Last week IGN looked at how GAME's demise could potentially impact UK gamers, plus the high street as a whole.

http://uk.games.ign.com/articles/122/1221574p1.html

2012-03-26 12:24:00

Author:
Ali_Star

Posts: 4085

In before Rabid-Coot:

Somebody had to stop the dreaded quadruple post.

2012-03-26 12:41:00

Author:
Rabid-Coot

Posts: 6728

There's now talk of RBS taking over, perhaps even by tomorrow!

2012-03-29 12:40:00

Author:
Ali_Star

Posts: 4085

OpCapita have put in a second bid too.

http://www.independent.co.uk/news/business/news/opcapita-bids-again-to-acquire-troubled-game-7595055.html

2012-03-29 13:00:00

Author:
Rabid-Coot

Posts: 6728

In before Rabid-Coot
Somebody had to stop the dreaded quadruple post.

Seriously, someone should make a .gif saying "In before the coot", instead of "In before the lock". You're so quick with news o_o

2012-03-29 13:20:00

Author:
Dragonvarsity

Posts: 5208

Cause he's a bot.

2012-03-29 13:24:00

Author:
ryryryan

Posts: 3767

Cause he's a bot.

You know you want some http://www.amazon.co.uk/s/ref=nb_sb_noss?url=search-alias%3Daps&field-keywords=ugg&x=25&y=16

2012-03-29 13:34:00

Author:
Rabid-Coot

Posts: 6728

http://www.youtube.com/watch?feature=player_detailpage&v=xGN4_EM_bZ0

2012-03-31 19:19:00

Author:
Rabid-Coot

Posts: 6728

Bought for a pound.

http://www.mcvuk.com/news/read/game-is-saved-as-deal-is-agreed/093718
http://www.bbc.co.uk/news/business-17575500

2012-04-01 01:59:00

Author:
Rabid-Coot

Posts: 6728

Just came back to this thread after a few weeks... Am I the only person who likes Gamestop

2012-04-01 07:22:00

Author:
poorjack

Posts: 1806

I've bought a few games from there, they pull the whole deal with all the points and programs and the offering of used versions. Technically they aren't doing direct harm to you, but to the industry. I buy just about all of my games and electronics from Best Buy anyway. It's a weird feeling when the cashier at Best Buy seems to know more about your game than a Gamestop employee

and they don't sell used games or try to hit you up with extra programs.

2012-04-02 01:37:00

Author:
Littlebigdude805

Posts: 1924

http://www.youtube.com/watch?feature=player_detailpage&v=xGN4_EM_bZ0

One of my local Game stores! There was two of them so it was pretty guaranteed that one would shut. It was weird walking past it being so... empty.

2012-04-02 16:45:00

Author:
Jedi_1993

Posts: 1518

One of my local Game stores! There was two of them so it was pretty guaranteed that one would shut. It was weird walking past it being so... empty.

Closures were based on profit not position. Some areas lost all their branches Stockport still has the GAME and Gamestation that are next door to each other.

2012-04-02 19:27:00

Author:
Rabid-Coot

Posts: 6728

Milton Keynes has lost one, but it still has a GAME and a Gamestation practically next to each other (and a CeX).

2012-04-06 22:02:00

Author:
kirbyman62

Posts: 1893

Just came back to this thread after a few weeks... Am I the only person who likes Gamestop

Don't worry, i go to gamestop every once and a while. I actually head one near my house close down, and they moved the really nice employees out of the good store, so now they have the not so nice, dont care employees in the now not so good store.

2012-04-06 22:26:00

Author:
StaticLinuxpro

Posts: 482

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