GAME Group what next?

[canand]

I went to my game to get my reward card points because Pokepark 2 and Kid Icarus

[Jav_NE]

I'm tempted to get Ridge Racer 3D with my points. I think i've got about £20 to spend. Any other recommendations anyone has seen cheap? 3DS or PS3 games ideally.

[Ganepark32]

Read in the paper this morning (it was the Metro mainly because I don't buy papers and it was just sitting there on the bus, so this could be bs) that GAME apparently need to find £180million by the end of the week (Sunday) to avoid administration. Now, if that is true and it seems so as several places are now reporting it, then they really are royally screwed.

 

Really should head in and offload my reward points before it's too late.

[canand]

Read in the paper this morning (it was the Metro mainly because I don't buy papers and it was just sitting there on the bus, so this could be bs) that GAME apparently need to find £180million by the end of the week (Sunday) to avoid administration. Now, if that is true and it seems so as several places are now reporting it, then they really are royally screwed.

 

Really should head in and offload my reward points before it's too late.

 

Yeah it is true they got this week left come on GameStop by Game or Walmart

[MadDog]

canand is in the know.

[canand]

canand is in the know.

 

Yeah because I read it on MCV

[flameboy]

canand is in the know.

 

You doubted him....

 

Yeah because I read it on MCV

 

and up he pops with how he is in the know :awesome:

[Ike]

I ordered Blazblue for the 3DS on Thursday since it was the cheapest I've seen it, it still hasn't showed up they were never this slow before.

[canand]

I Orderd Mario and Sonic at the London 2012 Olympic Games 3DS

3DS for £20.71 with my reward points

[Rummy]

So when's the actual date the rents are due? I went to a game yesterday to get a preowned PS3, they and my more local store didn't have it, so I popped down the road to dartford gamestation and got a 160 slim for £130 preowned! No idea if that's a good price, but I've been taken up with it all! Got speaking to the girl behind the counter too(who foolishly actually dropped the first ps3 off the counter -.-) about how things are and they basically know nothing etc, I did have to feel a little sorry for her and the staff there. Still...I do hate GAME. Then again, I hate Sony even more, and now look what I've bloody gone and done!

[Jimbob]

My prediction was correct, so long GAME nice knowing you!!!.

 

Feel sorry for the staff, do they know this could be their last week in work.

[Platty]

I wonder if/when they do announce that they are closing, will they sell all current stock on the cheap? If so I will step foot in GAME for the first time in years and have a good old bargain hunt!

[Cube]

I wonder if/when they do announce that they are closing, will they sell all current stock on the cheap? If so I will step foot in GAME for the first time in years and have a good old bargain hunt!

 

That's what they've been doing the last week.

[Platty]

That's what they've been doing the last week.

 

Better get myself down there then.

[Rummy]

I wonder if/when they do announce that they are closing, will they sell all current stock on the cheap? If so I will step foot in GAME for the first time in years and have a good old bargain hunt!

 

Their rents are due in the next week, if they don't meet them, BAM! Administration.

 

I don't really know what happens when a company goes into administration though. I believe a lot of companies are poised to buy them out dirt-cheap then. However if Game can raise their rent money/owed money before the due date, they survive a few more months to sell out for a slightly higher price than they would otherwise, hence they're probably trying to do that? #idontreallyknoworunderstandanyofthis/amtotallyguessing

[flameboy]

Their rents are due in the next week, if they don't meet them, BAM! Administration.

 

I don't really know what happens when a company goes into administration though. I believe a lot of companies are poised to buy them out dirt-cheap then. However if Game can raise their rent money/owed money before the due date, they survive a few more months to sell out for a slightly higher price than they would otherwise, hence they're probably trying to do that? #idontreallyknoworunderstandanyofthis/amtotallyguessing

 

I'm not sure they are in a position to at all sell for a slightly higher price to be honest...even if they muster enough money for the rent what happens next time it's due? Managing to hit this 180 million total does not in the slightest bit make them any more valuable. Yeah though when in adminstration they have to agree to CVA about what percentage of their debts they will pay off this will likely be agreed by a new owner who buys them for next to nothing but has to provide proof of funds for operating costs (or demonstrate plans on how they will meet their own operating costs if they vastly alter the business) and also that they can meet the debt requirments of the company.

 

EDIT:

 

UPDATE: MCV has tweaked its story following comment from GAME. The retail chain stated that it challenges "many of the claims" made in the original article though didn't specify exactly which ones it was referring to.

ORIGINAL STORY: A rescue package reportedly on the table at ongoing investor discussions surrounding retail chain GAME's future would see the company saved but radically overhauled, with the loss of almost all Gamestation stores and the group's overseas operations.

As detailed by MCV, the deal would see GAME voluntarily enter administration this weekend and remove itself from the stock exchange, but then re-establish itself as a new company on Monday funded by current investors.

Only its UK and Spanish operations would remain. Other outposts would be cut off and told to "fend for themselves", according to MCV's source.

A number of store closures would likely follow and, with the exception of a few high-performing outlets, the Gamestation brand would cease trading.

The plan was apparently submitted to suppliers earlier today in the hope that they will back the move.

"If everyone commits it's great news," said the source.

"A GAME with 300+ stores is what we'll all get, which is basically where they should have been three years ago during the peak. There's no need for two, or even three, stores in the same town or city.

"They get a chance to reduce debt, keep trading and work out a plan for a new owner without so many financial and lease millstones around their necks."

It appears that a deal with Comet owners OpCapita is now dead in the water, with the possibility of a separate 'white knight' investor swooping in before Sunday - when the chain's leases are due - looking increasingly unlikely.

 

I would be extremely sad if GAME carried on trading but Gamestation ceased to be a brand...I guess maybe for them thats actually more attractive than selling it off they don't really want a revived Gamestation competing against them as they try to revive. Short term it might make sense to sell off Gamestation but long term it arguably doesn't.

Edited March 20, 2012 by flameboy

[Rummy]

Ah, well, I just thought they'd have the months to negotiate and take best offers like, not going to be a huge increase, but when stock's so low valued, it's a higher percentage difference.

 

Regarding Gamestation, that's totally the wrong move, close Game and trade as Gamestation! Also what confuses me is I thought I read somewhere that OpCapita had the money good to go, but somehow RBS were slowing things down? I don't understand it all really.

 

EDIT:Nevermind just seen that says the OpCapita thing is dead.

[Cube]

http://www.shoptonews.net/2012/03/21/game-group-cease-trading-on-stock-market/?utm_source=twitterfeed&utm_medium=twitter

 

Game Group, which owns both Game and Gamestation, has announced its suspension of trading on the stock market.

 

 

According to a statement released this morning read: “Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.

 

“The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.”

 

The Company will provide a further update in due course.”

 

MCV reported yesterday that GAME will enter voluntary administration on Monday, with a plan to open a new company with less stores.

 

According to the site, this would then see 300+ stores in total across all regions, removing the need to manage multiple stores in each town. Because of this, all Gamestation stores, except the highest performing, would be shut down.

 

Could this be the start of this process?

 

We’ll keep you updated.

 

Well, looks like they're closing.

[Jav_NE]

Question now is whether i trust ordering something online with my points or try and find something in-store before the end of the week!

[Iun]

I feel terrible for the staff, I used to be one of them. There are so many die-hard enthusiasts who believed that working inside their favourite hobby would be a dream job for life.

[Ike]

I'd rather they kept GAME than Gamestation. There's little difference between them nowadays anyway.

 

My copy of Blazblue arrived, apart from having a few markings it's pretty good condition. It even had the Club Nintendo code.

[flameboy]

I'd rather they kept GAME than Gamestation. There's little difference between them nowadays anyway.

 

My copy of Blazblue arrived, apart from having a few markings it's pretty good condition. It even had the Club Nintendo code.

 

I dunno at my local Gamestation they still have two or three of the staff from there who were there since before GAME took over. I feel Gamestation still has that more hobbyist vibe to it in its branding and the way the stores look. GAME have somehow managed to pull off both gawdy and sterile at the same time.

 

Quite a few of my preowned games I picked up still had working online pass codes...it makes you wonder who the hell was buying Medal of Honor and didn't even try the multiplayer.

[bob]

I dunno at my local Gamestation they still have two or three of the staff from there who were there since before GAME took over. I feel Gamestation still has that more hobbyist vibe to it in its branding and the way the stores look. GAME have somehow managed to pull off both gawdy and sterile at the same time.

 

Quite a few of my preowned games I picked up still had working online pass codes...it makes you wonder who the hell was buying Medal of Honor and didn't even try the multiplayer.

 

I bought Black Ops, Gears of War 2 +3 and Assasins Creed: Brotherhood and didn't play the multiplayer on any of them.

 

I think for some you have to put in a lot of time to enjoy it at all (like I had to play loads of Halo Reach multiplayer before I was good enough to survive long enough to have fun), while others you just don't want to play it in multiplayer....i agree it's strange that they didn't even try it though.

[Ike]

I dunno at my local Gamestation they still have two or three of the staff from there who were there since before GAME took over. I feel Gamestation still has that more hobbyist vibe to it in its branding and the way the stores look. GAME have somehow managed to pull off both gawdy and sterile at the same time.

 

Depends on the store but most are pretty dark, my local Gamestation (which I hope doesn't get shut down) is quite bright though and that's a relatively new store.

 

They never seem to have as much retro stuff lately which was one of the main appeal of Gamestation for me. Not really sure who's fault that is though

[flameboy]

Depends on the store but most are pretty dark, my local Gamestation (which I hope doesn't get shut down) is quite bright though and that's a relatively new store.

 

They never seem to have as much retro stuff lately which was one of the main appeal of Gamestation for me. Not really sure who's fault that is though

 

LOL GAME.....never really forgiven them for that, my gamestation used to have this awesome glass cabinet with retro stuff now it's been replaced by a 360 demo unit thats never running anything recent.