Feeds

Game files for administration

Stores could still be saved

Mobile application security vulnerability report

High street retailer Game has officially filed for administration, although trade will continue while the process is finalised.

"Further to this morning's announcement of the suspension of trading in shares of Game Group Plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business,” said the troubled company in a statement today.

“The board has therefore today filed a notice of intention to appoint an administrator."

The statement goes on to underline the board's intentions of keeping the business running, through the continuation of trade and discussions under the protection of the interim moratorium.

Game shopGame

The expected announcement was made after this morning's news that the company suspended shares, removing itself from the London stock exchange.

The retailer is apparently in the process of splitting assets and gearing up to launch a new firm next Monday, funded by the current bank lenders. This would essentially mean the end for Gamestation, but could see roughly 300+ Game stores saved, MCV reports.

"There's no need for two, or even three, stores in the same town or city," said a source close the negotiations.

"They get a chance to reduce debt, keep trading and work out a plan for a new owner without so many financial and lease millstones around their necks." ®

Boost IT visibility and business value

More from The Register

next story
Report: American tech firms charge Britons a thumping nationality tax
Without representation, too. Time for a Boston (Lincs) Macbook Party?
iPad? More like iFAD: We reveal why Apple ran off to IBM
But never fear fanbois, you're still lapping up iPhones, Macs
Apple gets patent for WRIST-PUTER: iTime for a smartwatch
It does everything a smartwatch should do ... but Apple owns it
Apple orders huge MOUNTAIN of 80 MILLION 'Air' iPhone 6s
Bigger, harder trouser bulges foretold for fanbois
Child diagnosed as allergic to iPad
Apple's fondleslab is the tablet dermatitis sufferers won't want to take
Microsoft takes on Chromebook with low-cost Windows laptops
Redmond's chief salesman: We're taking 'hard' decisions
For Lenovo US, 8-inch Windows tablets are DEAD – long live 8-inch Windows tablets
Reports it's killing off smaller slabs are greatly exaggerated
Cheer up, Nokia fans. It can start making mobes again in 18 months
The real winner of the Nokia sale is *drumroll* ... Nokia
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.