Senior management at U.K. retailer GAME have been told to prepare for the company’s entry into administration.
It looks increasingly likely that the Game Group’s struggle to survive will come to naught, as senior executives were reportedly told today that if the company doesn’t have its house in order within the next two weeks, it will be forced to enter administration, effectively bringing it to an end.
Game’s best hope remains an acquisition by a rival company, which we all know means GameStop. Rumors of GameStop’s interest in the Game Group, or at least parts of it, have been floating around for awhile now; recent reports suggest that the U.S. retailer is giving a serious eyeballing to Game’s 291 stores in Spain and Portugal, although neither company has confirmed the interest.
Game is also attempting to goose its revenue stream with an “fire sale” in its U.K. stores that MCV says has resulted in “alarmingly low prices,” in the hopes of bringing in enough cash to keep the lights on for a few more days while it tries to sort things out.
Game refused to comment on the report of looming administration, which is no great surprise, but it seems clear now that one way or another, the company’s struggles will soon be over. In the meantime, if you happen to live in the vicinity of a Game outlet in the U.K., this might be a good time to pop in and score some deals. No sense letting a good bankruptcy go to waste!