flameboy

GAME Group what next?

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The Gamestation I used to shop at (Sheffield) got rid of all it's retro stuff way before GAME took over.

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If my freshly bought preowned ps3 breaks....am I fucked? Also I have £3 on a reward card at gamestation! I might go refund my God of War and then use it up to rebuy it...

 

Also slightly sad I was planning to try to get rich off GAME shares :(

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I will be amazed if anyone tries to buy GAME; high street multimedia retail is dead. The only national players left are GAME, HMV and the supermarkets. HMV and GAME are unlikely to see 2013, which leaves the supermarkets (who make so much money elsewhere that games sales/losses barely matter). If someone thinks that they can magically turn things around and profit where GAME, HMV, WHSmiths, Virgin, Zavvi, Woolworths and many others failed then good luck to them. Personally, I remain skeptical.

 

From what I gather, GAME own their stock (which is why they haven't been able to source new releases recently). If they go in to administration then expect a fire sale, everything will have to go (if I remember the Woolworths one right, they even sold the fixtures and fittings). The current sale they have going on is just there to clear some stock at more reasonable prices before the administrators take over.

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If my freshly bought preowned ps3 breaks....am I fucked?

 

You would have to take it up with the administrators.

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Maybe they'll have some mega close down sale and sell off Vita's for £100. No?! One can hope.

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Maybe they'll have some mega close down sale and sell off Vita's for £100. No?! One can hope.

 

I think its been said before, but it would appear the Vita's are actually on loan from Sony. It's a shame, because I would definite be gunning down there to buy one of those at a discounted price!

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Maybe they'll have some mega close down sale and sell off Vita's for £100. No?! One can hope.

 

Don't get your hopes up for new consoles. Someone I know had a faulty 3DS so took it to game. As they had none in stock the said they'll make sure the console is faulty, then give him a full refund (launch day price).

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Maybe they'll have some mega close down sale and sell off Vita's for £100. No?! One can hope.

 

Fairly sure GAME only sell Sony stock as an agent of sorts, so a big reduction is unlikely, at least on first hand stock. Going to look out for a second hand ps3 to drop under the telly as a media hub myself though.

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So administration is happening. Time to use up your reward points I guess?

 

Sad times.

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Wow! Even quicker than I expected!

 

Very sad. I wonder if they're gonna do a final clearance sale?

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Damn, 1 week short of my prediction.

 

From what i've read above, they intend to sacrifice Gamestation (minus the bigger store(s)) and re-boot the company. If they do this, a good tip. Price accordanly to online stores, should help i believe.

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Doesn't doing that basically screw over everyone they owe money?

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Doesn't doing that basically screw over everyone they owe money?

 

yes if they get any money back at all it will be next to nothing. To use Portsmouth FC as an example we agreed with our creditors to pay 20p to the £ for the most part, some businesses got even rawer deals. That's where the problem exists if creditors don't agree to such lower demands there is usually no choice but to liquidate the company which further reduces the chances of getting anything back at all as the logic would be that a continuing flourishing business would raise more money than a one off liquidations of assets. So creditors usually settle for amounts that are next to nothing so they at least get something back.

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What a shame if they do go. Gamestation is the last remaining place in my local high street to buy games...Woolworths closed down, WHSmith ditched games and local Currys ditched them too. Can't see someone coming in with a last minute rescue bid.

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So if they don't pay their rents...what happens? Surely they go bust/have to pay all possible debts?

Assuming they're looking to re-start/re-structure/downsize, they have enough money for their rents, surely?

With the stock being withdrawn from the LSE...what happens to people who held anything? Is that money just lost or frozen?

 

I don't quite understand how if they owe money, and can't cover it, they're going to manage to continue on. They should at least offer up Gamestation to someone...

 

EDIT: £180mil breakdown;

It has been reported that Game faces a £21 million rent payment due on Sunday and a £12 million wage bill at the end of the month, and owes more than £10 million in VAT and £40 million to suppliers. A new investor would have to pay up to £100 million to Game's banks.

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I think Sheffield paints a good picture of what went wrong with GAME. They have a city centre store, a Gamestation about 5 minutes walk away and another Game in meadowhall out of town. Why, I'll never know. Hopefully, the centre store stays open but it might be the meadowhall one.

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If my freshly bought preowned ps3 breaks....am I fucked?

Is it in decent looking condition? Do what I do in these circumstances, buy a new one from somewhere else, take the broken one back a few days later and demand a refund.

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I think Sheffield paints a good picture of what went wrong with GAME. They have a city centre store, a Gamestation about 5 minutes walk away and another Game in meadowhall out of town. Why, I'll never know. Hopefully, the centre store stays open but it might be the meadowhall one.

 

What happened to the second GAME in Meadowhall?

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What happened to the second GAME in Meadowhall?

 

The strange thing was that they had two games stores, they closed one down (which used to be EB, and is now an Apple store) and opened up another one (which used to be build a bear workshop iirc).

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I think Sheffield paints a good picture of what went wrong with GAME. They have a city centre store, a Gamestation about 5 minutes walk away and another Game in meadowhall out of town. Why, I'll never know. Hopefully, the centre store stays open but it might be the meadowhall one.

 

Pffft. Thats nothing. Sheffield is a big city. Or town.

 

As Debug always says, in Hemel Hempstead there are two GAMEs and a Gamestation.

 

Walk from Gamestation to GAME one is about 30 seconds, walk to GAME one to GAME two is about 80 seconds.

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Is it in decent looking condition? Do what I do in these circumstances, buy a new one from somewhere else, take the broken one back a few days later and demand a refund.

 

I don't know, would it not be really easy for shops to record the PS3 serial number to prevent such a thing?

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I think Sheffield paints a good picture of what went wrong with GAME. They have a city centre store, a Gamestation about 5 minutes walk away and another Game in meadowhall out of town. Why, I'll never know. Hopefully, the centre store stays open but it might be the meadowhall one.

 

In Glasgow there are at least 4 GAME's within walking distance of my flat (Sauchiehall St, Buchanan Galleries, St Enoch Centre and Argyle St for anyone familiar) and at least 2 Gamestations in that area too. It's ridiculous..

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I think Sheffield paints a good picture of what went wrong with GAME. They have a city centre store, a Gamestation about 5 minutes walk away and another Game in meadowhall out of town. Why, I'll never know. Hopefully, the centre store stays open but it might be the meadowhall one.

 

The strange thing was that they had two games stores, they closed one down (which used to be EB, and is now an Apple store) and opened up another one (which used to be build a bear workshop iirc).

 

Theres also a Gamestation in Meadowhall.

 

2 Game's & 1 Gamestation in one shopping mall. Madness!

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GAME has filed for administration

 

UK retailer GAME officially filed for administration, although it will continue to trade for the time being.

 

"Further to this morning's announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business,” a statement reads.

 

“The board has therefore today filed a notice of intention to appoint an administrator.

 

“In the short term the Board's intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium."

 

The news comes following the suspension of shares this morning.

 

It is understood that the company, as exclusively revealed by MCV last night, is in the process of splitting its assets ahead of the launch of a new venture early next week.

 

This process will involve the sale of around half of its stores, mostly from its Gamestation portfolio.

 

Our thoughts are with all of GAME Group’s workers. Best of luck to you all.

 

Source http://www.mcvuk.com/news/read/game-files-for-administration/093137

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