Support NeoGAF

[zomgbbqftw]

They're all stickered up as property of Sony until P.O.S. and I reckon it would be a very risky move to try fireselling 'em under those circumstances. Same with Vita games & peripherals.

I posted earlier that Sony have only loaned Vita units to Game. If Game sell any Vita units below the RRP they will be liable for unlimited fines and lawsuits from Sony and they have the power to sue the directors personally if full payment isn't made for any units sold.

 

[JonathanEx]

The saddest sight today was the Nintendo countdown clock was empty and turned off. That's always on for some game.

Is it time to bring back my GAME gif? Too soon?

 

[jonno394]

I'm popping in to the Birmingham branch in like 15 minutes, i'll post if there is anything good.

 

[PaulLFC]

Eurogamer have picked up the firesale story:

GAME and Gamestation are having a "firesale" on pre-owned stock.

The struggling high street shops, owned by GAME Group, are heavily discounting pre-owned games.

Gamers at HotUKDeals.com have compiled a list of pre-owned games with eye-catching prices, including Forza 3 for £1.98, Bulletstorm pre-owned for £2.98, and Brink pre-owned for £2.98.

GAME is selling Killzone 2 pre-owned for 48p. Gears of War 3 pre-owned is £12.98.
Catch them while you can.

Why has it done this? Eurogamer has been told by a source close to GAME that stores have put pre-owned on sale "to shift stock".

Last month GAME managed to convince its syndicate of lenders, led by Royal Bank of Scotland, to relax its debt covenant. But sources "close to the State-owned bank" told The Express it was running out of patience.

GAME Group was last week forced to issue a note to shareholders in an attempt to calm concern over its ability to stock new games. Its current stock issue with EA, which means it won't sell Mass Effect 3, FIFA Street, Tiger Woods 13 or The Sims Showtime, is "temporary", and both parties are working to make sure it doesn't happen again, GAME said.

GameStop was reported to be ready to buy GAME, but Eurogamer was told by a source that the US giant is one of several interested companies, buoyed by GAME's recent success with the launch of PS Vita in the UK.

GAME is apparently seeking more money to help it continue trading, but if fails, its banks will seek a buyout rather than a closure.

GAME Group is a PLC, and so is legally required to declare to the stock exchange any serious discussion regarding a potential buyout.

http://www.eurogamer.net/articles/2012-03-07-game-and-gamestation-having-a-firesale-on-pre-owned-stock

 

[mclem]

They're all stickered up as property of Sony until P.O.S. and I reckon it would be a very risky move to try fireselling 'em under those circumstances. Same with Vita games & peripherals.

He was responding to me talking about *preowned* hardware. Those wouldn't be "property of Sony until POS".

 

[Roxas]

Just got Medal of Honour Tier 1 Edition for £2.98

cheers GAME lol

 

[NinjaFridge]

Just got £40 worth of PSN credit with my points. Wasn't going to wait any longer, I got LA Noire, Medal of Honour and Bulletstorm too, all with my points. Not too bad.

 

[TGMIII]

He was responding to me talking about *preowned* hardware. Those wouldn't be "property of Sony until POS".

Well I was just taking the piss generally, I know sony has new vita's on lockdown.

 

[Walshicus]

Is the Vita selling well then? I haven't really been paying attention to it, but from that article it seems like it's given GAME a bit of a boost?

 

[glaringradio]

Has there actually been any evidence of this Vita success because of GAME? I've seen loads of new stories mention about how successful the Vita has been and its been attributed to GAME, but it's just that, new stories, no figures or anything...

 

[Linkified]

Has there actually been any evidence of this Vita success because of GAME? I've seen loads of new stories mention about how successful the Vita has been and its been attributed to GAME, but it's just that, new stories, no figures or anything...

Isn't that more attributed to the fact that Sony doesn't give out that but talks more vague terms like: 'we have sold over 1 million units'.

 

[NinjaFridge]

£3.73 worth of points left, any recommendations?

 

[awanderingsoul]

Birmingham game is basically empty of preowned 360.

 

[zomgbbqftw]

This firesale is interesting because it jives with my feeling that their inventory was way too highly valued. This firesale will lead to Game posting a huge loss in a few months but it should turn their cashflow positive for a while. That £51m loss should have been a £100m loss and Game should have written down their inventory earlier and harder than they have done.

Now Game are going to post a real loss rather than a paper loss. That's not the worst part, selling these second hand games for such a low price also poisons the well, it reduces consumer appetite for higher priced games and if Game are to have any kind of a future they will need to ensure that people are willing to pay a high price for games. Selling Gears 3 for £12 is not how that is done. The best thing for Game to do is unload all of their excess used stock to CEX and other specialist second hand stores and take a bulk payment for it all and write the difference off as a one time loss. Selling off recent and expensive games like Gears 3 for such a low price harms the games retail market and that is the last thing Game should be doing to keep the publishers on side.

Finally, I've been talking to someone from RBS on this flight who says that they are getting very tired of the board's excuses, it is only because they are a state owned bank that they haven't already called time on the whole venture and seized all of Game's assets. They don't want to be seen as responsible for thousands of people losing their jobs and damage their brand and there is government pressure for them to hold off until after the budget is given and the finance act of 2012 is given.

 

[StalkerUKCG]

Has there actually been any evidence of this Vita success because of GAME? I've seen loads of new stories mention about how successful the Vita has been and its been attributed to GAME, but it's just that, new stories, no figures or anything...

GAME and subsidiaries sold 50% of all UK vita sales.

I was chatting with my ex boss/local game manager today, he all but confirmed they wont be stocking Resident Evil and That he expects to hear about the companies future by the end of the month (fiscal year)

Some stupid nerds came into the shop asking when Mass Effect 3 would be in and Asura's Wrath laughing about it and stuff and when the manager had to say "We wont be stocking those titles" they burst out laughing. I felt really shitty on the staff most are ex co-workers.

Gamestation seems to be the store suffering the most from this, The company essentially got bought up and run into the ground from what i can see.

 

[Gazzawa]

This thread. Brings tears to my eyes.
So wrong yet so so SO so right

 

[mclem]

Has there actually been any evidence of this Vita success because of GAME? I've seen loads of new stories mention about how successful the Vita has been and its been attributed to GAME, but it's just that, new stories, no figures or anything...

I've seen citations that 50% of Vita's launch sales were from GAME. That seems to be the source of it, but that's not really saying that "Vita's success (in itself a rather limited claim!) is *due* to GAME".

 

[ScreenSplitter]

Birmingham game is basically empty of preowned 360.

Ah fuck.

 

[jonno394]

Just been in bham game and gstation. Sale on 360 not much else. Did see tom clancy 3ds for 8quid.

 

[Jackpot]

Went to my local Game. Half the shelves are empty, other half filled with pre-owned stuff. Staff said they were repricing everything for the sale.

They still had empty Max Payne 3 & Prototype 2 pre-order bundles on display.

 

[Brera]

You are right about RBS, but the share price was too high for me so I went with Lloyds instead. Bought at 25p, now worth 35p! Long term they are a winner especially as they are allowed to pay a dividend now and too big to fail!

Back to Game. They' seem to be getting rid of old stock and turning it into useable cash to top up the war chest. Maybe they are increasing cash flow to get more new games and avoid bad press?

 

[liger05]

GAME and subsidiaries sold 50% of all UK vita sales.

I was chatting with my ex boss/local game manager today, he all but confirmed they wont be stocking Resident Evil and That he expects to hear about the companies future by the end of the month (fiscal year)

Some stupid nerds came into the shop asking when Mass Effect 3 would be in and Asura's Wrath laughing about it and stuff and when the manager had to say "We wont be stocking those titles" they burst out laughing. I felt really shitty on the staff most are ex co-workers.

Gamestation seems to be the store suffering the most from this, The company essentially got bought up and run into the ground from what i can see.

The staff are the ones I have sympathy for. They have to deal with the people who pre-ordered and the people who have no idea whats happening and expect to buy a game but then have to explain they are not stocking it.

 

[Rich!]

Finished working my convinience store in Bournemouth today, and walked down to GAME.

EMPTY.

Walked to Gamestation, managed to pick up another Xenoblade (haha, for the price they were asking, why the fuck not).

Speaking to one of my mates who's a gamestation manager in the area, it doesn't look good. He's applied for another job, hopefully he'll get it.

Anyway, I left Blockbuster because I thought they'd go bust, and my store is still bloody profitable! Ah well, at least I know I can rely on them for my pre-orders (and still get my discount/free rentals, because my girlfriend works there!) They are definitely getting credit on all new titles, and if they do go downhill, I'll find out!

 

[CrunchinJelly]

The staff are the ones I have sympathy for. They have to deal with the people who pre-ordered and the people who have no idea whats happening and expect to buy a game but then have to explain they are not stocking it.

The staff have no idea what's happening, either. It's blind leading the blind out there.

 

[Joni]

Ordered FIFA 10, FIFA World Cup, FIFA 11 and Ape Escape from the GameStation website. Cost me £5.42, £8.37 including shipping to mainland Europe. Hoping the Game site also does a sale.

 

[zomgbbqftw]

Back to Game. They' seem to be getting rid of old stock and turning it into useable cash to top up the war chest. Maybe they are increasing cash flow to get more new games and avoid bad press?

No. You need better reading comprehension. They are selling these games for lower than the booked inventory value, it means that while this move will turn the cashflow positive for a while, Game will book a huge loss as they have sold their stock well below their previous inventory value.

Finally, there is no "warchest", Game have higher current liabilities than current assets even with an inflated inventory book. THERE IS NO WARCHEST.

 

[Dave Long]

They're done. I've been around bankruptcies. Unless someone buys it and takes on the debt, it's over for GAME.

 

[killer_clank]

No. You need better reading comprehension. They are selling these games for lower than the booked inventory value, it means that while this move will turn the cashflow positive for a while, Game will book a huge loss as they have sold their stock well below their previous inventory value.

Finally, there is no "warchest", Game have higher current liabilities than current assets even with an inflated inventory book. THERE IS NO WARCHEST.

Trust this man. He works at a bank.

 

[SovanJedi]

Checked the GAME in Eastleigh, no discernable price drops. OoT3D is £32.99 pre-owned.

I have been duped!

 

[zomgbbqftw]

The staff are the ones I have sympathy for. They have to deal with the people who pre-ordered and the people who have no idea whats happening and expect to buy a game but then have to explain they are not stocking it.

Fucking this. The board have literally fucked the company over and they will all walk away with massive bonus packages and the regular employees will get fucked over. I don't feel sorry for shareholders, anyone who has invested in Game should have known what they are getting into and looked at the board's "plans" for the next few years and decided not to bother with it. It's the employees I feel bad for. Hopefully most land on their feet or are able to turn their stores into independent game retailers.

 

[Ammish]

I just had a pop in Gamestation in Huddersfield.

If that's the special offer I've spotted, then it's a rubbish one frankly. I'll await until they get more desperate. Until then...

*replays Mass Effect 2*

 

[Moobabe]

I completely fail to see what the figure has to do with anything.
If GAME didn't exist that 50% would have just got it from Asda or online. VITA sales wouldn't be even a single unit less.

I'm not sure sales translate that way at all.

 

[JonathanEx]

Finally, there is no "warchest", Game have higher current liabilities than current assets even with an inflated inventory book. THERE IS NO WARCHEST.

In Brera's mind:

To everybody else:

 

[zomgbbqftw]

To everybody else:

:lol

Does that box have a faint Dreamcast logo on it?!?

Fucking awesome.

 

[ScreenSplitter]

I completely fail to see what the figure has to do with anything.
If GAME didn't exist that 50% would have just got it from Asda or online. VITA sales wouldn't be even a single unit less.

For me, it's the fact they went with a percentage rather than how many Vita units they actually sold.

50% of 10 is 5. Doesn't make it an excellent number.

 

[daviyoung]

GAME sold 23,000 units. I don't know if that's a good amount for them.

 

[TGMIII]

No price changes at my stores but I did notice them adverise the fact that theyre taking in vitas for £210

 

[herod]

No price changes at my stores but I did notice them adverise the fact that theyre taking in vitas for £210

Cash? Or store credit...

 

[Hanningfield]

GAME sold 23,000 units. I don't know if that's a good amount for them.

About one unit per store then.

 

[TGMIII]

Cash? Or store credit...

Didn't ask but I'd assume store credit. Didn't they stop giving cash a long time ago?

 

[Moobabe]

Didn't ask but I'd assume store credit. Didn't they stop giving cash a long time ago?

Nah, cash value has always been "a bit" less

 

[randomwab]

How much are GAME and Gamestation selling Xenoblade for instore? I've checked all the GAME stores near me and none of them have a copy. I want cheap. ;_;

 

[Psychotext]

Finally, I've been talking to someone from RBS on this flight who says that they are getting very tired of the board's excuses, it is only because they are a state owned bank that they haven't already called time on the whole venture and seized all of Game's assets. They don't want to be seen as responsible for thousands of people losing their jobs and damage their brand and there is government pressure for them to hold off until after the budget is given and the finance act of 2012 is given.

What an interesting predicament.

 

[winstano]

Finally, I've been talking to someone from RBS on this flight who says that they are getting very tired of the board's excuses, it is only because they are a state owned bank that they haven't already called time on the whole venture and seized all of Game's assets. They don't want to be seen as responsible for thousands of people losing their jobs and damage their brand and there is government pressure for them to hold off until after the budget is given and the finance act of 2012 is given.

Interesting indeed. The very fact that GAME are being kept alive by a bank with a poor public image to rebuild is hugely telling.

 

[Jackben]

Am I too late for the "GAME over" puns? MORE LIKE G.A.M.E. over am I right guys?

*cough*

It is quite sad on a personnel level as I know a lot of people that worked at GAME. And kind of an asshole move for people to be rubbing it in their faces like Stalker mentioned.

Personally I always thought they were kind of shit to be perfectly honest, but that doesn't excuse their board of screwing over their employees.

Just another casualty of modern capitalism I guess.

 

[BGBW]

Gordon's Alive! I can buy Russell Grants Astrology for only 48p!

EDIT: On a more serious note: Advance Wars Dark Conflict is only a quid.

 

[LordAlu]

Pre-owned sale started today in both GAME and Gamestation. It started this morning at GAME and at about 4PM at Gamestation due to computer issues getting the prices sent down. As such, most Gamestations wouldn't have had their sale prices on today since they would only have got them at 4PM.

Also, the sale is going out in stages. 360, DS and 3DS went on today, PS3, Wii and Mint stock will go on tomorrow, and hardware on Friday. If you find something pre-owned and it isn't priced in the sale it's best to ask, as it will take the staff a while to price everything up in the morning.

Finally, the "opening all their mint stock and turning it into pre-owned" is untrue. The company does this rarely and usually with one or two niche titles that simply aren't selling as new. It hasn't happened and all the stuff going in the sale is the normal pre-owned the stores have.

 

[zomgbbqftw]

Damn, I'm going to miss the hardware sale on Friday, don't get back until Sunday. I was looking at picking up a dirt cheap used 360!

 

[ScreenSplitter]

Damn, I'm going to miss the hardware sale on Friday, don't get back until Sunday. I was looking at picking up a dirt cheap used 360!

Bargain bin PSP for me, hopefully hackable so I can get some emulators all up in dat.

 

[daviyoung]

Trip to GAME for me tomorrow then.