GAME Paused

👤by Tim Harmer Comments 📅26.03.2012 16:03:50




Following substantial financial turmoil in the past four months, High Street retailer The Game Group plc (usually known as GAME) have entered Administration and company CEO Ian Shepherd has resigned. The long-expect action offers temporary relief from creditors and allows the company to continue to trade in a limited capacity, however the action has precipitated the immediate closure of a number of UK outlets and the suspension of many customer loyalty schemes.

Though the GAME.co.uk retail site is down, the company have taken to Facebook to relay important information for customers concerned about their investments. In summary redemption of any reward scheme, refund or cashing in of gift cards/certificates will not be allowed until further notice, effectively allowing the administrators to write off the schemes with regards to debt.

Dear GAME customers,

Here’s some important news about us. GAME Group plc (the parent company of GAME in the UK) is now in administration. We want you to know that the Administrators aim at this time is to continue trading while they seek to find a new owner for the business.

In the meantime, we’ve had to make some changes. We’ve summarised them below. Some of them are temporary, some are permanent.

1.Online Sales: We expect some disruption to our online services over the next few days while we make some changes. We apologise for the inconvenience this causes.

2.Refunds and Exchanges: Until further notice, we will not be able to offer refunds or exchanges for products purchased either before the administration or for products purchased from the date of the administration.

3.Pre-Orders: No new pre-orders can be taken until further notice. No refunds can be given for any pre-order deposits which have been paid. We are reviewing this over the next week.

4.GAME Reward card: We have had to suspended use of GAME Reward Cards. This means that points can be earned but NOT redeemed until further notice.

5.Gift cards: We have also had to suspend GAME gift cards. The value on these cards cannot be redeemed. If this changes, we will let you know. We apologise for the inconvenience this causes.

6.GAMEWallet: the value stored in GAMEwallet accounts will be suspended until further notice following the appointment of administrators.

7.Pre-owned Software: You can still buy pre owned products at great prices in your local store or online. If you trade in a pre-owned software item then you will still be able to accrue reward points and use your trade in to exchange for another item. You will not be able to trade in pre-owned software for cash. If this changes, we will let you know. We apologise for the inconvenience this causes.

8.Pre-owned Hardware: We have had to suspend trade in for pre-owned hardware at this time. If this changes, we will let you know. We apologise for the inconvenience this causes.

9.Click and Collect titles: We have had to suspend this service. We apologise for any inconvenience this causes.

MJA Jervis and SD Maddison have been appointed as Joint Administrators of The GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (Retail) Limited and Gamestation Limited on 26 March 2012 to manage their affairs, business and property as their agents and without personal liability. MJA Jervis and SD Maddison are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

If you have any questions please feel free to email us at: [email protected]


There is no news on whether pre-orders will be honoured, but with the financial position of GAME increasingly precarious publishers will continue to re-assess their relationship with them.

It's hoped that bids will be placed for a slimmed-down version of GAME in the coming week, allowing the chain to be sold as a going concern and rescue some of the approx. 600 stores and 5000 staff in the UK; however with the continuing market adjustment to on-line sales and digital downloads it's hard to see where the business could go from here and be successful. In the mean time Administrators will have to come up with the estimated £20m in rent and £12 in outstanding wages due at the end of this month.

UPDATE: BBC Breaking News is reporting that the "Administrators of video game retailer Game to close 277 stores in UK and Ireland, leading to 2,104 job losses this week"

Source: 1

EDIT:

A wag from a popular e-tailer sent this to our inbox:



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