Game appoints administrators but PwC pins hopes on sell-off

Manager

hope that the buyer can be found for the chain with nearly 6,000 employees and 600 stores in the UK United Kingdom

Play video games

specialist said it would close nearly half of its stores in the UK with the loss of more than 2,000 jobs in the high street after administrators took control of the chain affected.

The retailer warned last week that the administration was on the cards after failing to reach a rescue deal with its creditors, led by state-controlled Royal Bank of Scotland, which is owed 60 million pounds. This morning, PwC was formally appointed as administrator and restructuring experts acted quickly, saying that staff of 277 of its stores in the UK 610 would be closed later this week, resulting in 2,104 layoffs.

PwC

Mike Jervis said: "The recent job losses are regrettable but to place the company in a stronger position than we are exploring the possibilities of concluding a sale Our priority is to continue trading business as usual, as we follow. make a sale. "

Jervis said he was hopeful of finding a buyer for the company based in Basingstoke, with a number of parties interested in buying all or part of the group, with a total of 1,300 stores, including operations in international markets such as Spain, France and Australia. Before its collapse, the game had about 5,500 employees in stores in the UK and its headquarters.

Game

owes money to a group of banks, including RBS, Barclays, HSBC and La Caixa and a "lender-led" Rescue is one of the options being discussed. Insider bank said a sale of the business, but it is preferable that the debt for equity swap was one of the scenarios under discussion.

U.S. rival Gamestop

It is also believed to be interested in some of the stores of international games, while the change OpCapita specialists, who made a previous offer, and Hilco also investigate the company.

aa

• PwC said the 333 had not been closed stores, employing 2.814 people, continue to trade as usual. The site of the game was suspended, as the reward of the game and gift card system, and staff can not give refunds. The changes have led to angry exchanges in some stores, with dissatisfied customers and staff taking Twitter and blogs in the industry as new store closures and filtered into the public domain. An employee told the trade site MCV: "I had a mix of support staff ... and only idiots who think that yelling at me and my colleagues who have avoided having to work for at least the short term will solve your problem. "
• Game
crisis was launched earlier this year, when lenders worried reduces retail lending facilities. This means that the management team, headed by the Director General, Ian Shepherd, had to ask for aid providers. However, the major industry players such as Electronic Arts and Nintendo declined to support the chain, leaving the store without a balance of new titles like Mass Effect Mario Party 3 and 9.

game actions last week were suspended from the London Stock Exchange, investors who have already been warned that their investment was worthless. The failure of the retailer should leave the owners and suppliers of pocket. Your bill of £ 21 million quarterly rental fell on the weekend, while suppliers are owed 40 million pounds. PwC is expected to meet the payroll of 12 million pounds for this week.

Find best price for : --Game----Caixa----HSBC----Jervis----Mike--