Report: GAME Executives Told to Prepare for Administration

March 9, 2012 -

According to a report on MCV, UK video game retailer GAME is telling its employees to be prepared for the company to go into administration (bankruptcy). The company's senior staff was told at a meeting with CEO Ian Shepherd earlier in the week that the chain has approximately two weeks to improve its luck and get its affairs in order before administrators are called in. The company is still hoping for a buyout by GameStop or some other investor. If that doesn't happen they will be forced to go into administration.

Games Industry International also claims to have heard from unnamed sources that the company is courting a GameStop buyout or administration. While there has been a fair share of speculation on the future of the company after it failed to stock several major video game releases earlier this month (most notably EA's Mass Effect 3). A massive price cut to in-store stock today also threw gasoline on the fire, and caused the stock to decline from 4.67 at the market's opening to 3.87 earlier this morning on the London Stock Exchange.

A GAME spokesperson declined to comment on the story.

Source: Game Industry International


 
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