Game over?

[ConanThe3rd]

Apprently Sega, Microsoft and Activision have stopped supplying.

I'm honestly wondering at this point if buying the business is worth it as opposed to a replacement company (I know, more than likely every GAME/station will become another fetted Clothing store, poundland or Bookmaker, gimme one dream, dood) taking the vacated lots, setting up (or expanding, if gamestop) new (previous) trade agreements without any GAME/station involvement whatsoever.

 

[Genkina Hito]

I've heard reports that GAME are no longer letting people use their reward cards in-store or online.

If true, then it's 100% official that they are dead then. Zavvi did the same just before they closed all their stores.

That explains it. I was sure I had £2.50 on my account but when I looked the other day it said £0.00 (I lost more of value when HMV ditched their game card and switched to Pure).

When I used my Gamestation reward card yesterday to buy Alan Wake, £5.75 worth of points turned into £0. Thankfully I used up all of my Game reward card points last week!

 

[MaxonTreik]

Perhaps we'll see a resurgence of the independent store, not only for games but music and video as well, in the coming years... or maybe not.

I'm hoping to see more of Grainger Games after things have settled down.

Really?

So your perception of an organisation rests on a few ******** individuals? Yeah sounds about right for you.

The few ********s the company itself chose to represent itself. More put off by their pathetic excuse for an apology. Companies make mistakes, it is how you deal with them that matters.

So a company makes a mistake at some awards ceremony nobody cares about, apologises and you think "Wow, **** those guys". That's a really snobby attitude.

 

[Mutsumi]

Perhaps we'll see a resurgence of the independent store, not only for games but music and video as well, in the coming years... or maybe not.

I'm hoping to see more of Grainger Games after things have settled down.

Really?

So your perception of an organisation rests on a few ******** individuals? Yeah sounds about right for you.

The few ********s the company itself chose to represent itself. More put off by their pathetic excuse for an apology. Companies make mistakes, it is how you deal with them that matters.

So a company makes a mistake at some awards ceremony nobody cares about, apologises and you think "Wow, **** those guys". That's a really snobby attitude.

They didn't even give a proper apology though, that is what I am on about.

 

[Cathe]

After the Game/GS ME3 issue I was fuming from the day it was announced until the 9th when I got my CE in the post. If it wasn't for GAME originally getting exclusive CE for ME3, it wouldn't have bothered me. There are other places I can buy games from. Just glad EA gave the CE's to other companies.

Anyways I think Game and GS both have too many stores. If they get bought I hope some stores get closed. If an area only has 1 then keep it but in Liverpool there are 2 GAME's and 2 GameStation's all within a couple of minutes walk as they are on the same shopping street. That isn't really needed, especially since they are basically the same company so that is 4 stores.

I miss Electronics Botique.

 

[FourthLion]

Weirdly there are next to sod all GAMEs and Gamestations in London anyway (relative to size and high streets). Especially here in South London. I have to go pretty out of my way to find a Gamestation.

 

[mangaman74]

Got one each of Game & Gamestation in my city centre. Every since Game took over Gamestation and ditched Gamestation's retro section they are the same in all but name and loyalty card.

 

[Rui]

Saw that my local Gamestation has announced it's closing down in a few days. I wonder how long it will take the nearby GAME to join them.

R

 

[Vashdaman]

That's a point! I've still got £12.50 on my GAME reward card, damn me and my 'save it for a rainy day' ways, I should have used it while I had the chance. I wonder if my local GAME is still open for business.

 

[Cathe]

I used my GAME points online for Xbox Live points, since I had none and wanted to be prepared for future game DLC and whatnot.

 

[Tachi]

Got home on friday and was welcomed by a letter from gamestation stating that they are sorry to say but its goodbye from them but all stock and reward points will go to GAME.

Hmm i guess the pre-owned section will more than double but i'm still sad to see that Gamestation - the store that i have never had anything but good things to say about (helpful guys who actually give a toss about games and helping people find better games for a decent price) is closing down and not the lazy good for nothings at GAME.

:/

 

[mangaman74]

http://www.metro.co.uk/tech/games/89352 ... 180million

Struggling retailer Game Group has a week to raise £180million or collapse into administration.

The group, which employs 10,000 people under the Game and Gamestation brands, warned it was in trouble last week after several suppliers refused to provide new products.

A third party – thought to be private investment firm OpCapita, which recently bought electrical goods retailer Comet – has shown interest in stepping in but, so far, no guarantees have been made.

Game reportedly faces a £21million rent payment next Sunday and a £12million wage bill at the end of the month.

It also owes more than £10million in VAT and £40million to suppliers.

The company suffered a disappointing Christmas period with like-for-like sales down 12.9 per cent in the eight weeks to January 7 - blamed on a lack of new consoles and a squeeze on consumer spending.

Losses for the year to the end of January are also expected to be around £18million.

Looks like Game's fate might be decided within the next week

 

[Tachi]

Week 4 of a 5 week month* all i can say is "good luck" but the chances are stacked against GAME, it will go into administration - no 2 ways about it. Literally falling just short of the weekend that could have saved em :/


*(most people will know what i mean but if you don't its a given that alot of people are paid the last week of each month and ones like this are a bitch to put politely)

 

[mangaman74]

http://www.metro.co.uk/tech/games/89376 ... s-no-value

The situation for GAME is getting worse by the hour as it is delisted from the London Stock Exchange and the firm admits its shares are worthless.

Shares in GAME Group, the company that owns both the GAME and Gamestation chains, has had its shares suspended on the London Stock Exchange, meaning that nobody can buy or sell them.

As GAME itself predicted just over a week ago the value of the company has become essentially zero. Although it was never confirmed, multiple rumours over the weekend gave GAME just one week to raise £180million - or otherwise it would be unable to pay rental and wage bills.

Ever since Christmas GAME has been unable to stock major new titles, including Mass Effect 3, Street Fighter X Tekken, Ninja Gaiden 3, and Resident Evil: Operation Raccoon City. After disappointing Christmas results the company's credit insurance was pulled and many publishers refused to take the risk of sending GAME new stock.

The delisting from the stock exchange was at GAME's request, with the company issuing the following statement:

'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 of London Stock Exchange plc be suspended from trading with effect from 7:30am today.

The Company will provide a further update in due course.'

The move is likely be an attempt to spur possible buyers into action. Private investment firm OpCapita, which recently bought electrical goods retailer Comet, is believed to be interested but will only make a move if the company actually goes bust - or perhaps comes as close as it has now.

US chain GameStop is thought to be in a similar position, and so up to now US retail giant Walmart, which also owns Asda, has seemed the most eager suitor. Whether this will change before or after GAME's one week deadline is up remains to be seen.

Looks like administration and/or a quick buyout is imminent. Either way the group could be split up.

 

[Cathe]

If they get bought and stay as a gaming store (just maybe close some shops down) i'll quite happily still support them. In the meantime, my preorders are going to shopto.

 

[Arbalest]

OpCapitas bid was refused end of last week/beginning of this week, so they are out of the running from what i remember. The only people left are Walmart and Gamestop, and everyone is hoping for Gamestop, including some of the employees i spoke to at gamestation earlier today, and from what they know, it's business as usual until someone tells them otherwise.

I still expect Gamestop to buy them out, but it's just when we hear them do so.

 

[mangaman74]

http://www.metro.co.uk/tech/games/89377 ... -stay-open

UK retailer GAME has officially entered administration, as insiders claim management now have three possible plans on the go, with one of them involving closing down all Gamestation stores by Monday.

Update: GAME has announced it has officially entered administration, although in the meantime it will continue to trade as normal (or as normal as the last few weeks have been).

Here's the full statement:

'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. 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'

Original story: According to trade paper MCV there are currently three possible outcomes for GAME at the moment, all of which will involve it transforming into a very different company.

The chance for GAME to sort out its finances and return to the pre-Christmas status quo has now apparently passed. This was Comet owner OpCapita's favourite option and so presumably lessens their interest in buying the company.

Another 'White Knight' investor could still make an offer for GAME before Sunday, although according to MCV this is now thought to be 'incredibly unlikely'.

That leaves two real options: the first of which is GAME going into administration and closing down all its stores, including Gamestation, on Monday.

Option number three isn't quite as drastic and would involve the closure of Gamestation stores only. This would also happen on Monday, with this morning's delisting from the stock exchange allowing GAME to form a new company that includes only GAME's UK and Spanish stores.

GAME's Spanish business was the only one US retailer GameStop was interested in, but whether there's any relevance to that in this new plan - beyond the Spanish stores being very profitable - is unknown.

A 'handful' of Gamestation's best-performing stores could be kept open but all other international stores would be closed. This should leave around 300 or more GAME stores in the 300. They'd presumably keep the GAME name and logo, but how much they'd change in terms of business practices isn't clear.

GAME has challenged 'many' of MCVs claims but failed to deny anything specifically.

The MVC article can be found here,

http://www.mcvuk.com/news/read/gamestat ... hes/093064

 

[Arbalest]

GAME are now officially in administration. The CEO - Ian Sheperd has stepped down, and store closures are meant to be getting announced later today. So yeah, it begins.

http://www.mcvuk.com/news/read/game-ceo ... res/093361

Now we'll check and see what Gamestop do, will they jump on this and try and offer something to the administrators in charge or...will we just see the chain close as a whole

 

[Arbalest]

I advise you read this particular article: http://www.mcvuk.com/news/read/store-cl ... ion/093365

This is the full list of store closures today for GAME and Gamestation. 277 total, and nowhere has been left unscathed it looks like. We've lost GAME in Stirling and the princes street store in Edinburgh. I find that the Princes street one was the most stupid option they could have made, get rid of the St. James Centre one instead if you absolutely have to. Not saying that i want to see people lose their jobs, it's just that they are getting rid of the store that is more accessible to people.

 

[Rena Ryuugu]

It seems my local Game and Gamestation are not on the list, which is good for me since I'm planning on getting another classic controller while they are £5 tomorrow.