Shares in UK retailer GAME have been suspended from the LSE pending “clarification of the company’s financial position”.
In a statement today, the comapny said: “Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.
“The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.
“The Company will provide a further update in due course.”
If reports yesterday are to be believed, the UK retailer is almost certain to enter administration this week, although details of a plan to save around half of the group’s stores under a different name emerged last night.
GAME has struggled financially for months.