GAME files for administration

UK-based videogame retailer GAME has asked for its shares to be suspended, and announced plans to enter administration.

The beleaguered high-street retailer has recently suffered major setbacks as publishers ranging from EA through to Capcom and Tecmo Koei have refused to supply them with titles, and now the company has asked for its share trading to be suspended, and has issued a statement revealing intent to enter administration.

The board "is of the opinion that there is no equity value left in the Group", according to the first statement issued by the company today, and has "requested that the listing of its securities [...] be suspended from trading with effect from 7:30am today."

Today's second release states that "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 to the business.

"The board has therefore today filed a notice of intention to appoint an administrator."

What this means for the future is a little uncertain. MCV have unconfirmed reports (which GAME has challenged) that a brand new company will come out of all of this, managing a much smaller number of GAME stores, while rumours have been swirling for awhile that certain US stores - including Walmart and GameStop - may want to use this as an opportunity to move into the UK in force.

Whether you like, dislike, or are entirely indifferent to GAME, it's still a bit of a worry that the UK's only nationwide chain store focused on gaming is closing down. For the time being, though, GAME and Gamestation stores are remaining open. Best get in while you can, UK denizens.