Well folks, it looks like the slow countdown to the inevitable for UK-based games retailer Game Group has finally hit its end—as of this morning, Game officially entered administration and requested that its shares be removed from the London Stock Exchange.
This news follows the story we reported earlier in the week regarding Game closing stores and attempting to deal with its massive debt while batting off buyout offers from a variety of potential investors. In theory, Game had until the end of the week to come up with the cash owed for wages and rent, but the company chose to enter administration early due to its inability to make “sufficient progress.”
The future of Game is unclear, but for the moment, stores will remain open and the company is continuing to negotiate with lenders and creditors. Things don’t look bright, however, and we’ll have a better idea of where the company is headed once it has appointed an administrator.
What do you think of Game’s financial troubles?