Feeds

Game Group shares slide under a penny

End nigh for High Street retailer?

Intelligent flash storage arrays

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? ®

Internet Security Threat Report 2014

More from The Register

next story
Nexus 7 fandroids tell of salty taste after sucking on Google's Lollipop
Web giant looking into why version 5.0 of Android is crippling older slabs
All aboard the Poo Bus! Ding ding, route Number Two departing
Only another three days of pooing and I can have a ride!
Official: European members prefer to fondle Apple iPads
Only 7 of 50 parliamentarians plump for Samsung Galaxy S
Fujitsu CTO: We'll be 3D-printing tech execs in 15 years
Fleshy techie disses network neutrality, helmet-less motorcyclists
Space Commanders rebel as Elite:Dangerous kills offline mode
Frontier cops an epic kicking in its own forums ahead of December revival
Dragon Age Inquisition: Our chief weapons are...
Bioware's fantasy forces in fine fettle
prev story

Whitepapers

Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Getting ahead of the compliance curve
Learn about new services that make it easy to discover and manage certificates across the enterprise and how to get ahead of the compliance curve.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.