It’s official, GAME has entered administration and we’ll shortly be seeing high street store closures as well as a rise in unemployment rates. However if they find a buyer who wants to take on £180m debt, they might be alright.
The struggling retailer GAME has officially entered administration after no buyer was found, to take on the mass amount of debt the company has managed to accumulate. It’s being reported that out of the 609 UK stores, 277 of them will close with immediate effect meaning that over 2000 employees will be made redundant by the end of the week.
If you visit the GAME website, you’ll just be greeted with the following message:
So, anyone who has purchased items recently, no refunds or exchanges will be able to take place “unless your item is faulty or not fit for purpose.”
The company owes a staggering amount, which includes £85 million to a fair few banks and another £95 million to suppliers. So with a debt equating to £180 million it’s been quite hard to find someone to take on that much debt.
Despite the debt, and no buyers interested, now that the company is in administration a few companies appear to be interested including state-owned bank RBS, American retailer GameStop and OpCapita group, which owns Comet.
With another 400 stores facing closure, a total of 6000 jobs could be under threat if the remaining stores are closed.
Will you miss GAME? Let us know in the comments below.