UK retailer GAME officially filed for administration, although it will continue to trade for the time being.
"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 reads.
The board has therefore today filed a notice of intention to appoint an administrator.
In the short term the Board's intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium."
The news comes following the suspension of shares this morning.
It is understood that the company, as exclusively revealed by MCV last night, is in the process of splitting its assets ahead of the launch of a new venture early next week.
This process will involve the sale of around half of its stores, mostly from its Gamestation portfolio.
Our thoughts are with all of GAME Group's workers. Best of luck to you all.