Game CEO steps down
Insert coin to continue
High street retailer Game formally entered administration this morning. The first casualty of the move: CEO Ian Shepherd resigned from his role.
“I’ve said a number of times that the administrator, once appointed, take charge of the business,” said Shepherd in memo to staff.
“Having two people try to do that is both confusing and a waste of money. With that in mind, I’ve agreed with Mike [Jervis, co-administrator] that I will step down as CEO... immediately.”
Shepherd assured staff that Jarvis and his co-administrator, Stuart Maddison, both of PWC, will make big changes across the board in a bid to create a trading business that can attract a buyer.
"The group has faced serious cashflow and profit issues over the recent past," said Jarvis. "It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements."
But despite these problems, Jarvis was optimistic that there remains room on Britain's high streets and beyond for a games-specific retailer.
"As a result," he said, "we are hopeful that a going concern sale of the business is achievable."
The saga continues. Perhaps it isn't Game over, just yet. ®
Out of the Game
Game: Highly polished retailer with squeaky clean floors, well presented staff & prices to match.
GameStation: Bit of a jumble sale staffed by spotty nerds who actually play what they sell.
I buy my games at GameStation. Spotty nerds FTW.
"we are hopeful that a going concern sale of the business is achievable."
Even well-run retail chains are struggling in the UK.
Game over boys :)
I liked GAME and..
it will be shame to see them leave the high street.
but how they are going to complete with Steam and the Supermarkets is anyone guess.
Now where will all the Geeky kids hang out?