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.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Boxing Day snowfall set to push even more bargain-hunters online for sales
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...