Games Industry reported earlier this week that the British retailer GAME has entered administration. The news comes after months of unrest, and the refusal of several major publishers to ship their latest products to the retailer. More details are included after the jump.
Though the company has officially announced that it is has failed to find a way to continue as a solvent business, the 600 UK stores owned by the company will continue to do business while a solution to the situation is being sought . However, around half of these are expected to close In total, the company has around £180 million worth of debt, around $285 million.
GAME has been facing problems for several months now, with major publishers like EA and Microsoft having refused to stock the retailer with their latest products over concerns for their creditworthiness. Activision and Nintendo also pulled their support in recent weeks, forcing stock prices for parent organization The Game Group down to less than half a pence per share.
Several organizations have expressed their interest in acquiring GAME stores, though no party has publicly announced it was seeking to acquire the organization in its entirety.