Warning: call_user_func_array() expects parameter 1 to be a valid callback, function '_wp_footnotes_kses_init' not found or invalid function name in /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/class-wp-hook.php on line 308 Warning: Cannot modify header information - headers already sent by (output started at /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/class-wp-hook.php:308) in /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: call_user_func_array() expects parameter 1 to be a valid callback, function '_wp_footnotes_kses_init' not found or invalid function name in /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/class-wp-hook.php on line 308 Warning: Cannot modify header information - headers already sent by (output started at /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/class-wp-hook.php:308) in /var/www/vhosts/118/136505/webspace/siteapps/21578/htdocs/wp-includes/rest-api/class-wp-rest-server.php on line 1758 {"id":7680,"date":"2012-03-26T11:45:22","date_gmt":"2012-03-26T10:45:22","guid":{"rendered":"http:\/\/playstationer.net\/?p=7680"},"modified":"2012-03-26T11:45:59","modified_gmt":"2012-03-26T10:45:59","slug":"game-enters-administration","status":"publish","type":"post","link":"http:\/\/playstationer.net\/2012\/03\/26\/game-enters-administration\/","title":{"rendered":"GAME enters administration"},"content":{"rendered":"

$\"\"$ <\/a>The news that we have all been expecting has finally been announced today. GAME stores has entered administration. The company\u00a0announced\u00a0late last week that they were filing for\u00a0administration<\/a>\u00a0but were hopeful something could be salvaged. However that is sadly not the case.<\/p>\n

There will most\u00a0likely\u00a0be some store closures in the near future and sadly thousands of people will lose their jobs. No numbers were announced, but the\u00a0administrators\u00a0are still hopeful that the business can still be salvaged and a buyer will be found.<\/p>\n

This is a sad day in the gaming industry. The UK’s biggest video game retailer may now\u00a0disappear\u00a0form our high streets for good and most importantly thousands of people will lose their jobs. Playstationer.net would like to wish everyone\u00a0involved\u00a0the best of luck for the future and hopefully\u00a0something\u00a0can be sorted out soon.<\/p>\n

Here is the administration statement in full:<\/p>\n

“Mike Jervis and Stuart Maddison of PwC were appointed joint administrators of the UK and Ireland operations of The GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (retail) Limited, Gamestation Limited (\u201cthe group\u201d) on 26 March 2012. The appointment was made following the company\u2019s announcements on 21 March that the listing of its securities on the Main Market of London Stock Exchange plc had been suspended from trading and a filing of a notice of intention to appoint an administrator had been made.<\/em><\/p>\n

The group, with a turnover of \u00a31,625m in the year to 31 January, is a multi-channel retailer of video games and video games hardware trading under the names of Game and Gamestation. The group\u2019s head office is based in Basingstoke with operations in the UK and Ireland, Spain, Portugal, France, Czech Republic and Australia. There are currently 609 stores throughout the UK and Ireland. There are 385 employees based in the group\u2019s head office in Basingstoke and 5,136 store employees across the UK and Ireland.<\/em><\/p>\n

\u00a0Mike Jervis, joint administrator and partner at PwC said:<\/em><\/p>\n

\u201cThe group has faced serious cashflow and profit issues over the recent past. It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.<\/em><\/p>\n

\u201cDespite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable.\u201d<\/em><\/p>\n

Source: MCV<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"