Struggling video games retailer Game Group has said it intends to file for administration in a legal move which gives it 10 days of breathing space to secure its future.
The business which has two stores in The Foundry shopping centre, both Game (above) & Game Station, had earlier this week seen its shares suspended "pending clarification of the company's financial position".
The firm said talks with stakeholders and other parties had not made enough progress to offer "a realistic prospect for a solvent solution". It’s believed the groups finances are so dire that a solution will need to be found far quicker than the 10 day period.
Last week, the retailer confirmed that a number of suppliers were refusing to supply it with the latest new titles it needs to generate much need sales, it was also struggling with a massive quarterly rent bill due this weekend. The group, which is headquartered in Basingstoke, has 1,300 stores worldwide, including 600 in the UK making it not only the biggest video games retailer in Britain but the biggest in Europe too.
In a statement on Wednesday 21st March, the firm asked for its shares to be suspended, saying the value of the company had been eroded.
The question is can a buyer be found, but even if a deal is done hundreds of stores are still expected to close.
Game Group acquired Game Station from Blockbuster Inc in May 2007, adding hundreds of new stores to its portfolio and whilst both stores in Scunthorpe still continue to operate the question has to be for how long?
Views expressed on this site are those of individual posters, who by making these posts indemnify Visit Scunthorpe and its operators of any legal responsibility or obligation.
Please respect the privacy of others, if someone gives you infomation that you use in your post, please don't identify them.
Visit Scunthorpe is North Lincolnshire's only truly independent, non commercial, community news web site.
Established in January 2010 we have lots of members with a wide range of views who all contribute independently with articles of their own.
You won't find dozens of adverts covering our site, or some poor attempt to promote local business services under the guise of offering a community service.
Here on VisitScunthorpe we are interested in just one thing, building an online community which is representative of the people of Scunthorpe, North Lincolnshire and the surrounding area.
Paul. Founder Visit Scunthorpe.
If you would like to have the ability to add articles and comments to Visit Scunthorpe then all you need to do is sign up with a valid email address for an account. This is free, your email address is confidential and we don't send out spam emails.
Once you've completed the sign up then you are free to post and comment on well... pretty much anything, we just have some basic civilised rules to prevent people from inciting violence, hatred or making individual attacks.
If you have a web site or directory which covers either independent news and blogging, or is related to North Lincolnshire or Scunthorpe then get in touch to set up a reciprocal link.
Choose your smiley!
State your reasons for the report and we'll take a look at the comment right away.×