Feeds

Game Group shares slide under a penny

End nigh for High Street retailer?

SANS - Survey on application security programs

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? ®

SANS - Survey on application security programs

More from The Register

next story
Samsung Galaxy S5 fingerprint scanner hacked in just 4 DAYS
Sammy's newbie cooked slower than iPhone, also costs more to build
Leaked pics show EMBIGGENED iPhone 6 screen
Fat-fingered fanbois rejoice over Chinternet snaps
Oh no, Joe: WinPhone users already griping over 8.1 mega-update
Hang on. Which bit of Developer Preview don't you understand?
Microsoft lobs pre-release Windows Phone 8.1 at devs who dare
App makers can load it before anyone else, but if they do they're stuck with it
True optical zoom coming to HTC smartphone cameras
Time to ditch that heavy DSLR? Maybe in a year, year and a half
Rounded corners? Pah! Amazon's '3D phone has eye-tracking tech'
Now THAT'S what we call a proper new feature
Leaked photos may indicate slimmer next-generation iPad
Will iPad Air evolve into iPad Helium?
Feast your PUNY eyes on highest resolution phone display EVER
Too much pixel dust for your strained eyeballs to handle
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.