PwC administrators close 227 Game Group stores

by Rachael Singh

More from this author

27 Mar 2012

  • Comments
Mike Jervis

PWC ADMINISTRATORS have closed 227 Game group stores and made more than 2,000 redundancies following its collapse this week.

Mike Jervis and Stuart Maddison, partners at PwC, were appointed joint administrators of the UK and Ireland operations of Game Group, Game Stores, Gameplay (GB), Games (Stores), Game Station, Game (retail) and Gamestation on 26 March.

Game suspended trading on the London Stock Exchange earlier this month due to a lack of equity value in the business.

Although the joint administrators are trying to find a buyer they announced the store closures and 2,074 redundancies this week.

Jervis (pictured) said: "Our priority is to continue trading the business as normal while we 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.

"My team and I will be doing all we can to help the affected employees at this difficult time."

The group had a turnover of £1.6bn and operations in Spain, Portugal, France, Czech Republic, and Australia. In the UK Game had 609 stores and employed about 5,136 staff.

The remaining 333 stores, employing 2,844 staff, will stay open as normal while the administrators search for a purchaser.

Jervis said previously that the company had faced "serious cashflow and profit issues...ambitious international roll-out and fluctuating working capital requirements".

"Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable," he added.

 

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Financial Planning and Performance AnalystCabinet Office-Greater London-Competitive

 
 
 
 
 
 
 
 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.