The UK game retailer is forced into administration…
Despite receiving a potentially life-saving offer from OpCaptia, an offer that was effectively quashed by RBS and possibly other lenders, it looks as though Game's fortunes are heading in one direction, and it's not the yellow brick road.
Today it was announced that, following the company suspending itself form the stock exchange, Game is going to enter administration. With a reported £100 million debt to various banks and creditors, hefty rent and wage bills due, and dwindling support from major game publishers, the UK-based chain has little option left, and the decision leaves around 6000 staff facing redundancy.
Quite what will happen to the brand is still uncertain, however. Rumours point to a possible new company backed by Game's creditors, which will reduce the number of stores from around 1300 (spread over the UK, Europe and Australia) to only 300. This will possibly lead to the end of GameStation too, also owned by Game Group Plc.
If this does happen, at least some of Game's staff may still find themselves with a job, and the UK's only national game retailer may still continue providing us with our much needed fix of escapism. Here's hoping for some good news.
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