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Update: GAME group goes into administration.
Following up from the previous news item on it, the UK based GAME group has now gone into administration, protecting it from creditors and allow it to continue trading, previously having had no luck finding a buyer. This comes just hours after they delisted themselves from the London Stock Exchange.
Currently, the group plan on gutting the GAME side of their business, and replacing it with a new games specialist store from scratch, which they plan to unveil on Monday the 26th. However, this plan only involves the GAME stores the UK and Spain, with others in other countries most likely be closed down.
Game group have also announced they could be potentially be sacrificing the GameStation side of the groups business, except for the most profitable stores.
As a result of a supply dispute with EA over "manageable credit terms" with the group, stores in the GAME Group, which owns both GAME and Gamestation, will not be stocking Mas Effect 3, which is the first major blockbuster game of 2012, and any pre orders made with them have been refunded.
As a result, shares have taken a nose dive, falling down by 7%, to a mere 4.8p/share. This has seemingly lead to the beginning of the end for two of the UK's biggest game shops, which also has shops operating in Australia, with the groups directors saying the plug may now be pulled on them, which has been suffering from the economic climate in recent times, although reports indicate that they will neverless attempt to find a buyer.