GAME enters administration, CEO quits, 227 stores close
Following the announcement last week, GAME has entered administration. MCV report that 227 GAME and Gamestation stores have closed. 2104 employees have lost their jobs, 40% of the Game Group's UK workforce.
CEO ian Shepherd has announced his resignation, effective immediately. He's stepping down to allow administrators, PriceWaterhouseCooper, to take charge. Shepherd said that they'll "make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for."
Game Group will need a buyer. The Royal Bank of Scotland are among those rumoured to be considering putting in an offer, but we'll have to wait and see who, if anyone, steps forward to buy the beleaguered retailer.
"The best thing we can do now is demonstrate clearly, to an administrator and to potential buyers, that this is a great business filled with great, committed people. We have a rocky road ahead, but this is not the end for this business on the High Street. Stay with it," said Shepherd in his final message.
GAME reward points and gift cards are no longer valid, GAME stores no longer offer refunds or game exchanges and hardware trade-ins have been suspended. The GAME and Gamestation sites have been taken down. It all feels very final. Best of luck to those who lost their jobs today.