GAME remove themselves from stock exchange, prepare for administration

Troubled high-street videogame retailer game appear to be taking the last sad steps towards administration, with its board now requesting that the company be taken off of the London Stock Exchange.

With a statement revealing that there is “no equity value left in the group”, it’s now thought GAME will enter into voluntary administration as a way to save more of the company’s assets as it streamlines itself for a new retail push, according to MCV sources.

Stores in the UK and Spain will become the company’s main focus, with the possibility that sister stores under the GameStation banner will be closed, the sources add.

However, GAME have responded to the post made by MCV, challenging “many of the claims” made by the article. “The Company will provide a further update in due course,” is the current company line.

Administration however still seems the likely course. How damaging that becomes for both GAME and GameStation stores remains to be seen.

Via: MCV