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Game Group goes into administration | Game Group goes into administration |
(40 minutes later) | |
Britain's biggest video game retailer, Game Group, has gone into administration. | Britain's biggest video game retailer, Game Group, has gone into administration. |
The group employs about 10,000 staff at its 1,300 stores, 609 of which are in the UK and Ireland. | |
The administrators from PricewaterhouseCoopers said that the retailer had suffered from high fixed costs and an ambitious international expansion. | The administrators from PricewaterhouseCoopers said that the retailer had suffered from high fixed costs and an ambitious international expansion. |
Its business has been hit by competition from online-only retailers. | Its business has been hit by competition from online-only retailers. |
"Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK," said one of the administrators, Mike Jervis. | "Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK," said one of the administrators, Mike Jervis. |
"As a result, we are hopeful that a going concern sale of the business is achievable." | "As a result, we are hopeful that a going concern sale of the business is achievable." |
Game Group employs 385 staff at its headquarters in Basingstoke in Hampshire, and about 5,100 in its stores in the UK and Ireland. | Game Group employs 385 staff at its headquarters in Basingstoke in Hampshire, and about 5,100 in its stores in the UK and Ireland. |
About another 5,000 staff are employed at Game's other stores, which are located in France, Spain, Portugal, the Czech Republic, Scandinavia and Australia. | About another 5,000 staff are employed at Game's other stores, which are located in France, Spain, Portugal, the Czech Republic, Scandinavia and Australia. |
"This decision is taken after careful consideration and ceaseless interrogation of every possible alternative," Game Group said. | "This decision is taken after careful consideration and ceaseless interrogation of every possible alternative," Game Group said. |
The stores operate under the Game brand, as well as Gamestation. | |
The company asked for its shares to be suspended last Wednesday and announced it was planning to call in administrators. | The company asked for its shares to be suspended last Wednesday and announced it was planning to call in administrators. |
It followed confirmation that some suppliers had stopped doing business with the retailer. | It followed confirmation that some suppliers had stopped doing business with the retailer. |
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