GAME MOST DEFINITELY IN DIFS
The Internet has been a flame with rumours of GAME groups pending doom. Sadly these rumours seem to be based on a bedrock of truth, if you read between the lines of the newest GAME Group statement:
“Further to GAME’s announcement of 29th February 2012 and recent press speculation, the Group confirms that it remains in discussions with its suppliers and lenders in relation to terms of trade that allow the business to operate within the facility provided by its banking syndicate, as announced on 3 February 2012, and to meet its revised strategic plan. While these discussions are ongoing, it has not been possible to source new products from a number of suppliers.
The Board of GAME is working actively to resolve these issues as quickly as possible. This includes ongoing discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all of its assets in the UK and international territories.
It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company.”
Not surprisingly the markets have reacted accordingly, with GGs shares dropping to 1p….. not good.
On the plus side it seems (if rumour is to be believed) there are some major SALES going on in Game Stores at the minute; as they try to off load as much stock as possible!
Article by Matt Geary