GAME announces intent to appoint administrator

High street retailer GAME Group has today announces its intention to appoint an administrator.

This follows the company ceasing trade on the stock market today.

On 9 March, it was reported that the retailer had two weeks to turn its fortune round, or it would be put into administration.

A statement released today by the company read: "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. 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."

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