PCR Tech and IT retail, distribution and vendor news
After failing to find a buyer, Game Group has gone into administration, putting nearly 6,000 jobs at risk.
Administrator PwC has not yet revealed any details about job cuts but has said in a statement that: “The 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.
“Despite 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.”
The chain, which employs 385 staff at its headquarters in Basingstoke, Hampshire, and around 5,100 in its stores around the UK, has suffered a string of profit warnings, the latest of which prompted suppliers like EA and Nintendo to refuse to provide new stock.
