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March 26, 2012

Game Group goes into administration, shuts 277 UK stores

Royal Bank of Scotland, Gamestop and OpCapita are said to have declared interest in taking over the company’s business

By CBR Staff Writer

Video games retailer Game Group’s British operations went into administration as PwC, its appointed administrator, said 277 of its 609 UK stores are to be shut with immediate effect.

This will put 6,000 jobs at the company in the UK at risk, even though bids are expected from Royal Bank of Scotland, US-based Gamestop and OpCapita for the company, which is entangled in financial troubles.

PwC joint administrator and partner Mike Jervis was quoted by the Wall Street Journal as saying that their priority is to continue trading the business as normal while they continue to pursue a sale.

"The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale," added Jervis.

The remaining 333 stores employing 2,814 people will stay open as normal while the administrators look for a prospective buyer for the gaming company.

The fall of Game Group began as its sales started plummeting and its relationships strained with suppliers including Electronic Arts and Nintendo.

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