If GAME did a HMV and thinned out, then they may pull through the high street for a few more months, maybe years. Again like many have said, the problem as i see it lays with the fact they bought out Gamestation and Gameplay after being bought by EB games (thanks for clearing that @Ike). Unless they sell Gamestation back out as independant once more, then GAME will be gone in weeks, maybe 2 months tops.
Maybe if they go under, the assets of GAME, EB and Gamestation will be re-distributed and stores could be back on the street functional again.
Well, i can only hope really.