Feeds

Game Group shares slide under a penny

End nigh for High Street retailer?

Choosing a cloud hosting partner with confidence

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? ®

Beginner's guide to SSL certificates

More from The Register

next story
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Don't wait for that big iPad, order a NEXUS 9 instead, industry little bird says
Google said to debut next big slab, Android L ahead of Apple event
Xperia Z3: Crikey, Sony – ANOTHER flagship phondleslab?
The Fourth Amendment... and it IS better
Netscape Navigator - the browser that started it all - turns 20
It was 20 years ago today, Marc Andreeesen taught the band to play
A drone of one's own: Reg buyers' guide for UAV fanciers
Hardware: Check. Software: Huh? Licence: Licence...?
The Apple launch AS IT HAPPENED: Totally SERIOUS coverage, not for haters
Fandroids, Windows Phone fringe-oids – you wouldn't understand
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Here's your chance to buy an ancient, working APPLE ONE
Warning: Likely to cost a lot even for a Mac
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
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.