6,000 jobs at risk at stricken Game
Wednesday 21 March 2012
Fears for the future of retailer Game intensified today after its shares were suspended and it admitted the business has no value.
Retailer Game conceded defeat in its survival battle today after failing to raise new funding, jeopardising some 6,000 jobs in the UK.
The group, which was reportedly battling to raise £180 million this week, said it intended to appoint administrators as rescue talks have not made sufficient progress.
Game, which operates 600 stores in the UK and 1,300 worldwide, intends to appoint administrators in the coming days but in the short term it will continue to trade as discussions with its banks and other potential funders continue.
This will fuel expectations that it will attempt a pre-pack administration deal involving the sale of some of its estate.
It is understood that one of Game's main lenders, taxpayer-backed Royal Bank of Scotland, objected to the terms of a rescue deal with private equity firm OpCapita, which recently bought electrical goods retailer Comet.
Earlier today, Game's shares were suspended after it admitted the business has no value.
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