Gamasutra: The Art & Business of Making Gamesspacer
arrowPress Releases
July 30, 2014
PR Newswire
View All





If you enjoy reading this site, you might also want to check out these UBM Tech sites:


Report: UK retailer Game needs to find lenders by this weekend to avoid administration
Report: UK retailer Game needs to find lenders by this weekend to avoid administration
March 19, 2012 | By Mike Rose

March 19, 2012 | By Mike Rose
Comments
    Post A Comment
More:



UK video games retailer Game Group may fall into administration this weekend if it cannot find backers to help raise enough money to pay rent and wage bills.

The troubled retailer has seen a difficult couple of months. It was said to be "reviewing a strategic plan" last month in light of credit issues, and shortly afterwards had apparently struck a new deal with its lenders to allow it to continue operating.

However, as big-name publishers such as Electronic Arts revealed that they would not be supplying the chain with high-profile games at launch, it became apparent that the original lender deals had fallen through.

The group now has until this weekend to find new lenders, says UK newspaper The Sunday Times and as reported by Press Association, to pay around 33 million ($52.3 million) towards rent payments and staff wages. The company reportedly owes creditors around 180 million ($285.0 million) in total.

It also reportedly owes more than 10 million ($15.8 million) in VAT, and 40 million ($63.3 million) to suppliers. The company has stated that it is seeking sources of funding, but as-of-yet has not found a willing party.

For the first half of the current fiscal year, Game Group posted losses of 51.5 million ($80.1 million), compared to losses of 21.5 million ($33.5 million) for the same period a year prior.


Related Jobs

InnoGames GmbH
InnoGames GmbH — Hamburg, Germany
[07.30.14]

Software Developer Analytics / Big Data (m/f)
InnoGames GmbH
InnoGames GmbH — Hamburg, Germany
[07.30.14]

Backend Developer Marketing / CRM (m/f)
InnoGames GmbH
InnoGames GmbH — Hamburg, Germany
[07.30.14]

Mobile Developer iOS (m/f)
InnoGames GmbH
InnoGames GmbH — Hamburg, Germany
[07.30.14]

Software Developer Flash (m/f)










Comments



none
 
Comment: