Feeds

Game Group shares slide under a penny

End nigh for High Street retailer?

Business security measures using SSL

High street retailer Game has put itself up for sale after shares plunged to a penny this morning amid concern over the company's future.

Game Group PLC's gloomy Monday morning saw its stock open at 1.75 pence, down from 3.51 pence when the market closed on Friday. A few minutes later and it plummeted further, continuing the decline to a record low of 0.50 pence, valuing the retail firm at £1.7m.

"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," the company warned.

At its peak four years ago, a single Game Group share would have set you back almost 300p. But digital distribution has grown massively since then while overall game sales have fallen, so the company's value has plummeted 94 per cent over the last year alone.

Game runs around 1270 shops in nine European countrues and Australia.

The retailer recently fell out of favour with several games publishers and cancelled plans to stock major releases such as EA's Mass Effect 3.

Game is now seeking alternative sources of funding and reviewing its assets, calling out for a rescue deal ahead of a quarterly rent bill due in two weeks. If it fails to make the payment, the company may be forced into administration, Reuters reports.

While the biggest hope for a buyout appears to be US rival GameStop, a deal is thought to be unlikely before Game enters into administration, if it does.

Failing that, it really could be the end for Game and Gamestation altogether. So long and thanks for all the discs? ®

New hybrid storage solutions

More from The Register

next story
4K-ing excellent TV is on its way ... in its own sweet time, natch
For decades Hollywood actually binned its 4K files. Doh!
Oi, Tim Cook. Apple Watch. I DARE you to tell me, IN PERSON, that it's secure
State attorney demands Apple CEO bows the knee to him
Apple's big bang: iPhone 6, ANOTHER iPhone 6 Plus and WATCH OUT
Let's >sigh< see what Cupertino has been up to for the past year
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Get your Indian Landfill Android One handsets - they're only SIXTY QUID
Cheap and deafening mobes for the subcontinental masses
Apple's SNEAKY plan: COPY ANDROID. Hello iPhone 6, Watch
Sizes, prices and all – but not for the wrist-o-puter
A SCORCHIO fatboy SSD: Samsung SSD850 PRO 3D V-NAND
4Gb/s speeds on a consumer drive, anyone?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.