GAME Group Administration Appointed, CEO Steps Down
Game Group PLC announced today that PricewaterhouseCoopers (PwC) would be assuming administration of the company. The company had announced last week that it would be seeking administration. In a statement today, the GAME Group Board of Directors said:
“Further to our announcements of 21 March, the Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group. This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism.”
Though the statement doesn’t specifically state that their GAME and Gamestation stores across Europe would be closing, MCV writer Ben Parfitt got hold of an internal memo from former CEO Ian Shepherd that further insinuates store closures are inevitable. The memo, a farewell from Shepherd, details his exit from GAME and how Mike Jarvis from PwC has taken control of the company. Parfitt quotes the memo:
“He will have a lot to do very quickly. Let’s be clear, he will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.
“As I’ve said before, the business is worth more trading than not. It’s going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can.
“Mike will be communicating more with all of you today, both face to face where possible and by email, so watch out for that.”
Watch out, indeed. Accounts of store closures quickly began flooding into Twitter, meaning hundreds of jobs already lost.
seems the gamestation store in Andover has closed, can’t be long before game goes too
GAME store in Cascades is closed, the one in Fareham is still open, after the chain went into administration today. Feel for the staff.
The local GAME store has closed down… now where will I go to not buy over priced games?
MCV has culled the tweets and come up with a list of store closures that is quite extensive. If there were still any doubt, things are now perfectly clear: GAME Group PLC is dead.