Ailing videogame retailer Game Group will shut 277 of its shops in the UK and Ireland, making over 2,104 people redundant, the BBCÂ reports.
The struggling high-street company has now officially entered administration, following financial troubles and stiff competition from online retailers. The company now needs to find a new buyer, with its remaining 333 shops staying open for now.
"The recent job losses are regrettable, but will place the company in a stronger position while we explore opportunities to conclude a sale." said Mike Jervis of PricewaterhouseCoopers, the company handling Game's administration.
If you're keen to see whether your local shop is going to continue trading, you'll be pleased to know that MCV is working on a list of the Game and GameStation shops in the UK that have closed their doors. If a buyer for the sinking retailer can't be found soon, then more closures will likely follow.
Meanwhile Game has posted an open letter to its Facebook page, detailing the company's aim of finding a buyer for the business now that it has entered administration. Refunds and exchanges have been put on hold, and the company has stopped taking pre-orders for new games.
Game reward cards have been suspended, and while you can still earn points, spending them is not an option until further notice. Gift cards have been suspended too, and the value can't be redeemed.
Trade-in of pre-owned games and consoles has been stopped, and if you have a GameWallet account (used for paying for online games) the value in your account has been suspended. Click and Collect has also been knocked on the head.
Disruption over online sales is expected, and indeed Game's website is currently offline.
Royal Bank of Scotland is said to be leading a group that's looking to buy Game, while US retailer GameStop and OpCapita, the company that bought Comet last year, are also rumoured to be in talks.
What do you think? Let me know your feelings on this news in the comments below, or over on our Facebook wall.
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Comments 8
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anonymous 26 March, 2012 18:45
They didnt move with the times instead of hoping used games would keep them afloat they should have put resources into an digital download system like Gamestop have done (not jus rebranding Metaboli and Gamesplanet although the game digital download site is still up), diversified like Barnes & Noble have done and saved up money while they were making loads like HMV did to allow them to survive until they came up with a new business model instead of wasting it away buying exclusive DLC.
Still I went into Game and used up all my giftcards and pionts yesterday just incase so that was good timing!!!
caleb97 26 March, 2012 19:09
Terrible shame, luckily it doesn't look as if my nearest store is closed. If Game goes then there won't be much point in visiting the high street at all.
billfred 26 March, 2012 19:17
Shame ... /s
Patrick Cantellow 26 March, 2012 19:23
I loved game, they took over our gamestaion to so now we have nothing at all if they close.
they should do what woolworths had done, and just become an online shop than in store, like amazon
damien2501 27 March, 2012 01:13
This is terrible news. I love Game :( what am i supposed to do now while I'm being dragged around the shops!! R.I.P Game
anonymous 27 March, 2012 10:16
I will miss game as well, I do hope that a buyer comes in and takes Game over. Soon we will have no shops left on our high streets, what a world that will be. Walking down the high street will be like playing a disaster game title, but this time it will be real.
Sanjdabest 27 March, 2012 18:29
I just wish that the website is up and running soon and that the gift-card and the reward-card issue is solved as I just received a gift-card :) X(
anonymous 29 March, 2012 16:18
I used to really like game but then they got greedy and gave you less £££ for high sought after games! Sure every now and then they had decent rewards and/or offers and some of the exclusive stuff was top notch.
I probs will miss game to an extent as it has gotten me access to games i couldn't afford full price but offering me £7 for limited edition RDR with all DLC codes and £6 for limited fallout 3 with figure while *ahem* cash converters offered me £27 and £45 respectively lost my interest in the company.