UK retailer GAME has entered administration, following news that it had delisted itself from the stock exchange this morning.
In a statement released by the firm, it confirmed that it’ll continue to trade and talk to lenders and third parties for the moment, in order to try and come to a solution to the groups problems.
“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 board has therefore today filed a notice of intention to appoint an administrator.
“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.”
It is thought that a new, streamlined company, will be formed at a later date, seeing 300 stores operating in the UK.
Our thoughts are with the GAME and Gamestation staff at this time.