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.
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