Latest GAME statement shows firm's uncertain future

Michael French
Latest GAME statement shows firm's uncertain future

Mounting weekend speculation about GAME has forced the Group to issue a statement about its future.

GAME says that "it has not been possible to source new products from a number of suppliers", despite 'ongoing discussions' with those firms.

It also reconfirmed that it is reviewing its entire business and assets.

Yesterday, the Sunday Times reported that the firm was preparing for a sale or even pre-pack administration - just two days after we reported that the firm's senior execs had been warned to expect the worst as a rent deadline looms in two weeks.

However, "It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company.”

The full statement reads:

"Further to GAME's announcement of 29th February 2012 and recent press speculation, the Group confirms that it remains in discussions with its suppliers and lenders in relation to terms of trade that allow the business to operate within the facility provided by its banking syndicate, as announced on 3 February 2012, and to meet its revised strategic plan. While these discussions are ongoing, it has not been possible to source new products from a number of suppliers.

"The Board of GAME is working actively to resolve these issues as quickly as possible. This includes ongoing discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all of its assets in the UK and international territories.

"It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company.”

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Tags: GAME , gamestation , game group

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