The retail giant has filed for administration, reports MCV.
A statement from the company posted on the gaming industry website states:
"Further to this morning's announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business," a statement reads.
"The board has therefore today filed a notice of intention to appoint an administrator.
"In the short term the Board's intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium."
The move will effect staff in over five hundred stores across the country - we'll report back with the exact nature of the fallout as we get more information.