The biggest blow yet to the UK's biggest high-street retailer.
Following this morning's news that GAME's shares have been frozen on the London Stock Exchange, the firm has now announced its intention to go into administration.
Below is GAME's statement to shareholders:
"Further to this morning's announcement of the suspension of trading in shares of GAME Group plc, 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. The board has therefore today filed a notice of intention to appoint an administrator."
What does this mean? It means that the company is in dire, dire straits, though the stores will stay open in the immediate term whilst administrators try to determine the future of the company - whether that's refinancing or, potentially, closure. Ultimately, an administrator's goal is to keep the company trading, but there's no knowing what form GAME could be in at the end of it.
We're currently investigating what implications for GAME and Gamestation staff. Hang in there, guys.
More news as we get it.
