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GAME responds to administration rumours

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By John Glenday | Reporter

March 12, 2012 | 2 min read

GAME Group has belatedly responded to press speculation from last Friday which openly broached the high street videogame retailers demise in as little as two weeks.

In it the retailer admits it is "uncertain" whether ongoing efforts to resolve supply difficulties can be resolved.

The statement read: "Further to GAME's announcement of 29th February 2012 and recent press speculation, the Group confirms that it remains in discussions with its suppliers and lenders in relation to terms of trade that allow the business to operate within the facility provided by its banking syndicate, as announced on 3 February 2012, and to meet its revised strategic plan. While these discussions are ongoing, it has not been possible to source new products from a number of suppliers.

“The Board of GAME is working actively to resolve these issues as quickly as possible. This includes ongoing discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all of its assets in the UK and international territories.

“It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company."

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