GAME Enter Administration, CEO Quits As Retailer Is Unable To Find Buyer
The GAME Group entered into administration Monday after reports confirmed that the troubled retailer failed to find a buyer.
Speculation over the past weekend hinted that the group, owner of the GAME and Gamestation brands, could be saved by state-owned Royal Bank of Scotland (RBS). However, appointed administrators PricewaterhouseCoopers (PwC), released a statement Monday confirming the retailer was now in administration.
CEO of The GAME Group Ian Shepard announced in an email to staff that he will be stepping down from his post with immediate effect, noting that he was “sad to confirm that no deal has been done” and due to this the signing of “necessary paperwork” had taken place “to allow the appointment of administrators”.
The GAME Group released a statement regarding the administration reading:
This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism.
A total of 227 of GAME and Gamestation’s 609 UK stores will be closing, resulting in a 40% reduction in the current GAME group workforce.
The 382 remaining stores will continue to operate whilst a new buyer is found, however these outlets will not be accepting any GAME or Gamestation gift cards for the time being and customers will not be able to use their reward cards to make purchases.