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GAME said its board sees "no equity value left in the Group" and as such wants to be taken off the stock market.
The news comes just hours after we revealed the various scenarios ahead for the stricken retailer – one of which was to go into voluntary administration to save some assets of the firm.
That scenario now seems to be playing out.
The full statement from GAME reads:
Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.
"The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market ofLondon Stock Exchange plc be suspended from trading with effect from 7:30am today.
"The Company will provide a further update in due course.”
GAME has fought hard to survive over the last three months – we reported yesterday that it had continued crunch talk negotiations with its publishing suppliers despite credit problems stopping new stock going into stores.
