CVG

GAME Group will go into administration this week if it doesn't secure £180 million to pay its creditors, according to The Sunday Times.

The specialist retailer, which has been the subject of multiple http://www.computerandvideogames.com/article.php?id=339466">doomsday reports over the past few weeks, reportedly has a £21m rent payment due on Sunday, more than £10m owed in deferred VAT, £40m owed to video game suppliers and a £12m wage bill shortly requiring payment.

Any potential investor in the company would have to pay the firm's six banks - including Royal Bank of Scotland - £100m, as well as the above mentioned debt, reports MCV.

Both US giant Walmart and Comet owner OpCapita have reportedly tabled offers for the company, though lenders are said to be sceptical that the latter has the means to rescue the firm.

In recent weeks GAME has lost the support of Nintendo, EA, Sega, Capcom, Tecmo Koei, Microsoft and Activision, meaning it hasn't been able to offer recent releases such as Mass Effect 3, Street Fighter X Tekken and FIFA Street, and won't be stocking upcoming games including Resident Evil: Operation Raccoon City and Kinect Star Wars.

The retailer said in a statement last week: "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.computerandvideogames.com/340474/game-will-die-this-week-without-pound180m-rescue-report/

That could be a massive shout. Perhaps also converting some of the GAME stores into convenience-format ASDAs (most are in the wrong location for such a store, though, or too small).

Also, pre-owned Wiis are selling for £40 at GAME... that's cheaper than most games at that place.

Might have to head down to the store, later.

Let 'em fail. It's over. Time for a new company to rise from the ashes, a company that can handle it's finances better.

Hope the workers get the support they need. Tough time to be caught as the underling of an incompetent company.

I'd just point out that GAME owns Gamestation, too.

If the company goes down there will be no dedicated game outlets for a while, unless somebody new enters the market.

Honestly, it must be the most poorly-managed company in Britain. They sell games at jacked up prices, they constantly have queues basically going out the door, most of their staff are on fuck-shit wages... how the hell are they in trouble?!

Most Tesco/Asdas don't stock much outside of the top charts. Though that may change with Walmart buying some GAME assets.

I mean, it doesn't matter much, thanks to the Internet... but there was something I quite liked about walking into a game store, just thumbing through all the old games, picking up a bargain for a couple of quid.

When I get dragged into town/malls to go "shopping", GAME was my only escape!

HMV/Waterstones will be gone by the end of the year, too...

Anyways, I'm off to GAME... must be some bargains down there.