GAME is looking for a buyer as bankruptcy looms for the UK's largest video game retailer
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GAME Group, the UK's largest video game retailer, is currently looking for a buyer as the company is clearly headed toward fiscal insolvency, according to a report in The Sunday Times picked up by Bloomberg.
Apparently, Banque Privee Edmond de Rothschild has been given the nod by GAME to come on in an advisory capacity, while Deloitte LLP will oversee the bankruptcy proceedings.
None of this has been confirmed by GAME, though the rumor was considered substantial enough by traders at the London Stock Exchange to see GAME Group's shares trade some 75% lower today.
GAME has been in the news recently when the retailer decided not to sell Electronic Arts' March video game releases, including Mass Effect 3, in order to protect its future prospects.
Is this a phenomenon that we will continue to see? Rumors swirling around the next Xbox indicate that it will be a digital download-only console, essentially eliminating traditional media, piracy, and the secondary (used games) market.
Source: The Sunday Times
Via: Bloomberg
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JC Marx
Followjoncmarx Cutting his gaming teeth at Aladdin's Castle and on the Commodore 64, JC entered into video game journalism in 2008. Helping run GameDynamo as its director is both a dream and a rewarding challenge. |
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