GAME enters administration, talks with lenders continuing
As expected, UK retailer GAME has entered administration.
GAME Group has confirmed its intention to file for an administrator this morning.
The news comes after the retailer suspended itself from the London Stock Exchange earlier this morning.
In a statement, the firm said it intends to continue business as normal in the short-term, adding it'll continue talks with lenders and third-parties.
"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," a GAME statement reads.
"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 was reported last night that a new company from the remnants of GAME could open on Monday.
The new effort would operate out of 300 stores and be bank-rolled.
It goes without saying, but we wish all the best to those GAME staff affected by today's news.