MCV/DEVELOP News, events, research and jobs from the games industry
After a lengthy battle to secure additional backers to keep it afloat, GAME Australia has gone into administration through PwC today. The chain in Australia is an independently owned company, trading as TGW Pty Ltd, and employs around 500 people. PriceWaterhouseCoopers is handling the company’s administration process, and has stated …
Read More »Total Console Repair expected to enter administration
Insolvency firm FA Simms & Partners is to hold a meeting with Total Console Repair next week with a view to the company entering administration. Business customers of TCR have today received letters from FA Simms asking for details about debts owed by the troubled company. Its website is also …
Read More »OFFICIAL: GAME UK exits administration
Retailer GAME has announced its exit from administration following a successful bid by Comet owners OpCapita. Private investment firm OpCapita has secured a sale of GAME’s UK assets to Baker Acquisitions Limited. Under the terms of the deal Baker has bought the UK arm of GAME Group out of administration …
Read More »GAME is saved as deal is agreed
A deal has been agreed that has tonight seen GAME exit administration, MCV believes. Former front-runner turned write-off OpCapita has in a surprise development emerged as the victor, with its re-jigged offer for the trimmed-down GAME offsetting the doubts that saw its original approach shunned by lenders. OpCapita has reportedly …
Read More »GAME and Gamestation websites return as administration exit approaches
Both the GAME.co.uk and Gamestation.co.uk websites have been restored. Some functionality – such as Reward points earning and spending – is not yet active, but will be reinstated soon. Furthermore, other offers such as GAME and Gamestation gift cards will likely soon also be reactivated, despite recent reports to the …
Read More »Report: New GAME bid from OpCapita; GameStop moves for overseas stores
Despite news this morning that a deal to take GAME out of administration is now very close, a new report suggests OpCapita has not yet given up hope. The Independent reports that OpCapita has tabled a fresh bid to acquire GAME’s remaining 333 UK stores. In addition, it also believes …
Read More »PwC "just needs a bit more time to push GAME deal over the line"
Administrator PwC has said that GAME just needs to hold on for a short time longer so it can finalise an acquisition deal. We just need a bit more time to push the deal over the line,” PwC’s Mike Jervis stated. There is a huge amount of complexity in the …
Read More »GAME: Administration came after period of "careful consideration"
Retailer GAME has issued what may well be its final statement before the process of dismantling the retailer begins. It follows confirmation of its official entry into administration just moments ago. Further to our announcements of March 21st, the Board of GAME has completed its discussions with lenders and third …
Read More »GAME enters administration
After two months of worry and rumour, GAME has as of today officially entered administration. PwC remains hopeful that a going concern sale of the business is achievable”, but that will not stop the closure of many stores and the potential loss of thousands of jobs. PwC has not yet …
Read More »Ian Shepherd attacks media GAME coverage
GAME CEO Ian Shepherd has attacked the media for its reporting of the GAME situation. The comments come to light as GAME and Gamestation employees wait for official confirmation of the retailer’s going into administration – and the store closures and job losses that will result. MCV has this morning …
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