Although it was an expected formality at this point, the once great UK games retailer GAME
has filed for administration
(i.e. British bankruptcy).
"Further to this morning's announcement of the suspension of trading in shares
of GAME Group, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business," a statement from the company reads. "In the short term the Board's intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium."
Optimistically, the voluntary administration plays into the "fourth option
" laid out by UK outlet MCV late yesterday, which would see the corporation drop to around 300 stores (from 1,300 late last year) and create a "new company, funded by current bank lenders." MCV has been all over the corporate collapse
, so head on over there for the blow by blow.