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

  • Google Home Max Speaker Now Available

    Google Starts Shipping $399 Google Home Max Speaker

    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 […]

  • Shazam

    Apple Is Buying Shazam: Acquisition of Music Recognition App Confirmed

    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 […]

  • Bloomberg TicToc - Twitter

    Bloomberg's Twitter News Network, TicToc, Goes Live Dec. 18

    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 […]

  • Eagles Cowboys Sunday Night Football ratings

    NFL, Verizon Set Massive $2 Billion Five-Year Streaming Deal

    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 […]

  • Inside Out Best Animated Film Oscar

    A Team of MIT Scientists Taught an AI to Get Emotional Over Movies

    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 […]

  • Abu Dhabi skyline seen from the

    Image Nation Abu Dhabi, U.K. Studio Alchemy VR Team for Immersive Content

    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