12/03/2012
Game Faves Insolvency As Shares Fall Further 50%
Game Group, the computer game retailer has warned its investors that it is on the brink of collapse.
The company has put itself up for sale but has warned, "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."
Game is in need of cash to pay it’s quarterly rent bill due this month and if it fails to secure it they could be pushed into administration, putting 10,000 jobs at risk and wiping of its shareholder value.
Shares in the company have already lost 95% of their value over the last year and crashed a further 50% this morning to just 1.75p, giving the company a value of £6m.
The company has appointed investment bank Rothschild to find a buyer but it is expected to be difficult given the impending deadline. Deloitte has already been in discussions with the firm on how to handle its insolvency.
Electronic Arts have refused to supply Game stores with their forthcoming games over fear they won't be able to reclaim the stock if the company goes bust. Nintendo has also refused to allow Game to sell its latest hit Mario Party 9. The company conceded that it is in "ongoing discussions" with other suppliers also threatening to pull out.
"The board of Game is working actively to resolve these issues as quickly as possible," the company added. "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."
(H)
The company has put itself up for sale but has warned, "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."
Game is in need of cash to pay it’s quarterly rent bill due this month and if it fails to secure it they could be pushed into administration, putting 10,000 jobs at risk and wiping of its shareholder value.
Shares in the company have already lost 95% of their value over the last year and crashed a further 50% this morning to just 1.75p, giving the company a value of £6m.
The company has appointed investment bank Rothschild to find a buyer but it is expected to be difficult given the impending deadline. Deloitte has already been in discussions with the firm on how to handle its insolvency.
Electronic Arts have refused to supply Game stores with their forthcoming games over fear they won't be able to reclaim the stock if the company goes bust. Nintendo has also refused to allow Game to sell its latest hit Mario Party 9. The company conceded that it is in "ongoing discussions" with other suppliers also threatening to pull out.
"The board of Game is working actively to resolve these issues as quickly as possible," the company added. "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."
(H)
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Police in north London have arrested three teenagers in connection with the violent robbery of a 23-year-old man, suspected to have been targeted for his copy of the video game, Grand Theft Auto V. The victim is understood to have been making his way home at around 1.30am on Tuesday when he was attacked.
21 March 2012
Retailer Game Has Shares Suspended
The future of video game retailer Game has been threatened further after its shares were suspended and it admitted the business has no value. Shares in the company were suspended on the London Stock Exchange “pending clarification of the company's financial position".
Retailer Game Has Shares Suspended
The future of video game retailer Game has been threatened further after its shares were suspended and it admitted the business has no value. Shares in the company were suspended on the London Stock Exchange “pending clarification of the company's financial position".
13 March 2015
Staff At North Wales Bus Company Find Company Ceases Overnight
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Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
08 December 2005
NTL offer rejected by Virgin Mobile
The board of Virgin Mobile has rejected an £817 million takeover bid from cable company NTL, saying that it “undervalues” the company.
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