GAME has officially filed to enter into administration today. The UK-based video game retailer had its shares temporally suspended from trading this morning prior to making its move.
"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," a statement from the company explained. "The board has therefore today filed a notice of intention to appoint an administrator."
The company said that, in the short term, its stock will continue to trade on the London Stock Exchange and that discussions with lenders and third parties are "ongoing."
No doubt the board is hoping either for a major investment or a white knight purchase from a company such as GameStop. We will continue to follow this story as it develops.