You will be redirected back to your article in seconds

Game chain put on pause

Vidgame retailer seeks protection from creditors

Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11.

Earlier this month the group had sought a third party to provide additional funding, but had failed.

A statement on Wednesday said: “The board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the group.”

The company’s pre-tax profits fell to £23 million ($36 million) in 2011, down by 73% from the previous year, in contrast to its revenue drop during the same period of only 9% — falling to £1.6 billion ($2.5 billion.)

Game employs over 10,000 staff. Its 1,300 stores remain open.

More Digital

  • Internet Pay TV Services Wont Gain

    Forecast Predicts Skinny Bundles Will See Limited Growth

    Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11. Earlier this month the group had sought a third party to provide additional funding, but had failed. A statement on Wednesday said: “The board now considers itself […]

  • Magic Leap

    Magic Leap Announces $502 Million Funding for Augmented-Reality Headset

    Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11. Earlier this month the group had sought a third party to provide additional funding, but had failed. A statement on Wednesday said: “The board now considers itself […]

  • Niantic Labs May Build a Pokemon

    Niantic Labs CEO John Hanke on AR, Computer Vision and the Future of Pokemon Go

    Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11. Earlier this month the group had sought a third party to provide additional funding, but had failed. A statement on Wednesday said: “The board now considers itself […]

  • Whistle Sports

    Jeffrey Katzenberg's WndrCo Invests in Whistle Sports

    Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11. Earlier this month the group had sought a third party to provide additional funding, but had failed. A statement on Wednesday said: “The board now considers itself […]

  • Barry Diller

    Barry Diller to Hollywood: The Boat Has Passed on Competing With Netflix

    Video games retail chain Game Group was suspended from trading on the London Stock Exchange Wednesday, and is set to enter administration, the U.K. version of Chapter 11. Earlier this month the group had sought a third party to provide additional funding, but had failed. A statement on Wednesday said: “The board now considers itself […]

More From Our Brands

Access exclusive content