Wary suppliers leave Game fighting for survival
Retailer Game admitted it is in danger of collapse yesterday after several suppliers refused to provide it with new products.
The group, which employs 10,000 people in the UK and 160 staff across 20 stores in Northern Ireland, confirmed the options in its battle for survival included the sale of its UK business, which has 600 stores.
It is also seeking access to alternative sources of funding and has asked suppliers for more generous trading terms. Game admitted that it is uncertain whether its efforts will be successful or whether the company will be left with any value.
The group's quarterly rent bill is due in a fortnight and failure to pay its landlords could push it into administration. Its woes have been made worse after it failed to stock new eagerly awaited titles such as Mass Effect 3 and Street Fighter X Tekken.
Shares slid from more than 70p at the start of last year to just 1.7p, including a fall of 48% following yesterday's statement.
The group agreed fresh lending facilities with banks last month but the loan was not enough to reassure suppliers.