British store GAME goes into administration
updated 02:25 pm EDT, Wed March 21, 2012
GAME in Europe, Astralia goes into administration
UK-based video game chain GAME has just revealed it will go into administration and will no longer be on the stock exchange. Suppliers will no longer send games to the outlet, and administration means the company's assets are now up for sale. The company has been in trouble in recent months, and has nearly 6,000 jobs in the UK, while operating 1,270 stores in Europe and Australia.
GAME may owe as much as $158 million to banks, suppliers, and creditors, along with upcoming payments of about $33 million in rent and $19 million in wages. Suppliers that wouldn't ship games to the chain over the last month have included Capcom, Activision, EA, Microsoft, and others. It was supposed to be the sole supplier of the Collector's Edition of Mass Effect 3 in its region, but didn't carry any stock during launch.
GAME and Gamestation stores are currently still open, though how long this continues isn't clear. [via ShackNews]
