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21/03/2012
Retailer Game Has Shares Suspended
The future of video game retailer Game has been threatened further after its shares were suspended and it admitted the business has no value.
Shares in the company were suspended on the London Stock Exchange “pending clarification of the company's financial position".
The company, which has 1,300 stores worldwide and employs 10,000, had been put up for sale in the hope of finding a buyer who would save it as it faces a £21m rent bill and £12m wages bill at the end of the month. Several suppliers have refused to provide it with new products.
In a statement on Wednesday morning, Game said discussions were taking place with a potential third-party funder but it was unable to assess its financial position and was "of the opinion that there is no equity value left in the group".
All the UK’s 600 Game stores, employing 6,000 staff are currently still open but the stores have borne the brunt of dire trading in recent months, which has forced the chain to ask its suppliers for more generous terms.
Some of them have instead stopped supplying Game with new releases, such as Mass Effect 3 and Street Fighter X Tekken, leaving fans disappointed and adding to the group's trading woes.
Game has signalled that losses for the year to the end of January are likely to be around £18m.
(H/GK)
Shares in the company were suspended on the London Stock Exchange “pending clarification of the company's financial position".
The company, which has 1,300 stores worldwide and employs 10,000, had been put up for sale in the hope of finding a buyer who would save it as it faces a £21m rent bill and £12m wages bill at the end of the month. Several suppliers have refused to provide it with new products.
In a statement on Wednesday morning, Game said discussions were taking place with a potential third-party funder but it was unable to assess its financial position and was "of the opinion that there is no equity value left in the group".
All the UK’s 600 Game stores, employing 6,000 staff are currently still open but the stores have borne the brunt of dire trading in recent months, which has forced the chain to ask its suppliers for more generous terms.
Some of them have instead stopped supplying Game with new releases, such as Mass Effect 3 and Street Fighter X Tekken, leaving fans disappointed and adding to the group's trading woes.
Game has signalled that losses for the year to the end of January are likely to be around £18m.
(H/GK)
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