Tue, 27 Mar 2012 | ADMINISTRATION
On being appointed yesterday, Game’s administrators closed down almost half of its (mainly underperforming) stores, with the immediate loss of about 2,100 jobs.
The pressure is on to find a buyer for the remaining 333 stores that have been kept open in the UK and to secure the 2,814 jobs left.
Mike Jervis, joint administrator from PwC, is confident that a new owner will be found in a matter of days. Speaking to the Times, he said: “Our priority is to continue trading as normal while we continue to pursue a sale.
“The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale.”
A break up of assets is still on the cards for Game, with its stores in Australia, France, Portugal and the Czech Republic thought likely to be sold to different buyers or closed down. While Game’s Spanish and British operations are the most attractive assets to buyers.
Whilst still trading, the Game stores will not accept reward or gift cards for payment.
Game’s debts comprise £21 million in rent, £12 million in staff salaries, £10 million in VAT and £40 million to its suppliers. For the year to 31 January the company reported £1.6 billion in revenues, a fall from £1.8 billion the previous year.
This established distributor of kitchen sinks and taps. For over 25 years, the business has grown organically and built a well-respected reputation in the kitchen sector offering customers a “service-led” distribution solution.
Over the past 10 years, our clients have built a solid and profitable business with a well-respected reputation helping clients in the higher education sector improve service delivery through a better understanding of students’ lives, before, during,...
An established software development and ecommerce consultancy business. The business sale includes a fully operational SaaS application and marketplace management solution for online retailers. The company also builds advanced ecommerce and B2B syste...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.