Following on from speculation last week that The GAME Group was teetering on the edge of administration, the company has released this statement (to MCV):
"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."
The fire sale that kicked off over the weekend was reportedly initiated to raise funds for the company's impending rent bill, with administration a likely outcome should they fail the find the money required to keep doors open at the chain of stores.
If The GAME Group can find a buyer for all or part of their operation, it will certainly ease the pressure on management as they search for a solution to the crisis that the company currently finds itself in.