GAME share prices collapse to all-time low
UK retailer, GAME is in bad shape. MCV are reporting that shares in the troubled company dropped in value to just half a penny each earlier today. That's a 98.8% decrease in value from their value ten years ago. MCV also mention that senior executives are bracing themselves for the possibility of entering administration within the fortnight if they fail to find enough cash to keep the company afloat.
Here in the UK massive discounts have seen store shifting consoles for less than half their normal price as the company tries to inspire a revenue boost. The outlook seems bleak, however. It's though that US retailer, Gamestop could step in and buy up parts of GAME's international business, which could preserve jobs and keep the company going. GAME has 1300 stores worldwide.
"It is uncertain whether any of the solutions currently being explored by the board will be successful, or will result in any value being attributed to the shares of the company," said GAME in a recent statement. The BBC mention that GAME may be forced to default on a quarterly rent bill due later this month, which would surely push them into administration.
GAME has been a poor resource for us PC gamers for a long time and their failure to keep up with the likes of Steam and Amazon may have hurt them severely. If GAME go down, we'll still be able to get our games online, but the disappearance of games from our high streets could have serious consequences for the industry as a whole. We'll have to wait and see if any of the large US retailers will move in to offer GAME a lifeline.