Video game retailer the GAME Group which owns the Gamestation and Game stores across the UK and other regions, has been in the news quite a bit recently as it struggles to survive the consumer downturn in spending. Today we have the unfortunate news that GAME may be getting closer to going into administration as a fire sale begins.
The last few months the retailer has been trying to restructure itself and save money as it faces increasing debts. Recently some leading publishers have refused to supply their new titles to the chain amid concerns of it going under, and now seems its woes have deepened as according to MCV, senior management teams from the chain have been warned to get ready for administration.
CEO Ian Shepherd met with senior staff at the beginning of this week and warned the company had around two weeks to save itself from going bust. There has been rumors that rival US chain GameStop may be interested in taking up a number of the GAME stores, and only recently it was reported that the company’s directors were seeking advice whether it was better pulling the plug or running up more debts.
There have been reports from consumers that the company has started what seems like a fire sale at its UK GAME stores. This will be seen as an effort to get some much needed cash into the company as it tries to stay afloat, and in the meantime it will be hoping some sort of deal can be struck with GameStop to at least keep some of the stores open.
When contacted about the news a GAME spokesperson said the company doesn’t comment on such rumors. Whether you like the retailer or not because of their sometimes high prices, you have to think about the thousands of staff that will be worrying about their jobs.
Have you noticed any bargains at your local GAME store?