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UK Retailer GAME is dead | Brera's Lament
- Thread starter CrunchinJelly
- Start date
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Keyser Soze
Member
LSE.co.uk is depressing. The people refusing to believe to lost is more depressing
bigtroyjon
Member
So the lesson you think to be learned in this situation is that should have made even more trades on a volatile worthless stock?
APZonerunner
Member
J Tourettes
Banned
Blueshore are whinging about the Game board
zomgbbqftw
Banned
Yes. Yes it was. D:
TheNamelessOne
Member
What does this mean for GAME as a franchise? Is it just the UK-side that is down and how does this affect the stores worldwide?
APZonerunner
Member
The entire company is in administration. Every region.
I think I realised too late that people are full of shit on that forum! A lot of crap that hides the nugget of truth. Reading that stuff almost had me believing it but I've moved on. It was worth a punt, my timing was off.
I'll dabble again in the future but right now, I've sold all my shares in Thomas Cook and Lloyds and might jump in again to make a quick bux but I've learned not to get emotionally attached to a share or Company...hell I fucking hate GMG but still became a zealot cheerleader for those fucks!
Money does that to people!
Mr. Luchador
Member
If you run a company into the ground you should be banned from owning/operating another one for a number of years.
why don't you play a real fun game on your pc/console and just stay out of this dangerous one?
not worth the stress for some "quick bux".
YUP!
Volatile markets = quick buxx. My mistakes were holding on too long!
The gf is putting the pressure on for an iPad 3 but I'm buying some time and got a month to pony up the dough. I could buy one tomorrow but you never know when a money making opportunity will come up!
TheNamelessOne
Member
Ok, thanks. What exactly does "in administration" mean? These are new terms to me.
zomgbbqftw
Banned
Essentially in bankruptcy protection. The administrator will now asses how much money they can extract from the company to pay employees and banks. If they think the company should be liquidated (sold of in bits and bobs and the brand killed off) then it is the end of Game, they will probably go for a pre-pack of profitable stores to an outside investor and then liquidate the rest.
frankie_baby
Member
Its basically the uk term for a company going bankrupt
Mr. Luchador
Member
I'd buy it. and buy it again. Even when the reviews were bad and my friends warned me it was a bad game, I'd buy it again. Trade it in and then buy it a few months later at an inflated price.
TheNamelessOne
Member
Thanks guys. I have family working in the franchise so I'm trying to find as much info as I can.
APZonerunner
Member
The stores will remain open for some time period - some speculation pinpoints 10 days - while GAME tries to broker a deal to either survive in some form (likely through cutting, painful store closures) or will, in that period begin to be sold off, bit by bit.
In administration an external agency is appointed to value a company's assets and sell them off to pay their debts. GAME owes £170 million plus, so an Administrator has quite the task. This might be stores, stock to other companies, or assets like distribution centres, head offices and regional bases.
GAME's board will try to survive this somehow, one way or another, by clinging to what they can to keep operating even as the rest of the company is sold off around them.
After that time is up, all the stores will instantly close - literally overnight - and the process will really begin, stripping the company to its bare parts and selling them to the highest bidder to pay off their debts.
GAME head office basically has up to 10 days - possibly less - to find a buyer to 'save' at least part of the company as-is, then the sharks can move in.
TheNamelessOne
Member
Once again, thanks for the very informative reply. This clears things up a lot.
BlazingDarkness
Member
It'll be like one of those days back in school where you were all allowed to wear your own clothes¬!
s_mirage
Member
And big losses. Lots of stock market neophytes lose all of their money because they buy penny stock, thinking that it can only go up, without properly researching what they are buying into or having the knowledge necessary to read what the market is actually doing.
killer_clank
Member
basically it's a holding position to try and get recapitalised, bought or reorganise debts. if the process fails without the business finding a way to continue it gets wound up.
Agreed
checkeredknight
Member
Moobabe said:
I have quite a few full days in next week too. If this 10 day thing comes true, I hope I get paid for that as well! I'm assuming we should, since it said all the money owed throughout March will be paid.
Yes! We should have a party on the shop floor with cake. If any customers complain, they can feel free to join in!
Mohonky
Member
I hate the idea of administration. They go in and make sure they are paying themselves before settling any debts the company itself has with it's creditors. Where I was working we got screwed by a client that went into administration and didn't pay us. Administration went in and then had the balls to ask us to send them more product but basically said they couldn't confirm when or even if they would ever pay back the money we were already owed previously. Politely told them where they could stick that order....
We are allowed to wear jeans now! I'll eat my packed lunch on the counter and lock the doors early.
Can you PM me what store you work for?
Little Old Man
Member
Good luck to everyone who could loose their jobs, especially in this market. It's always the way that the people outside the top layer get shafted sadly.
Happy to see you back zomgbbqftw!
@Brera, unlucky. At least you won't do the same in future. How did the gf take it?
Happy to see you back zomgbbqftw!
@Brera, unlucky. At least you won't do the same in future. How did the gf take it?
Foliorum Viridum
Banned
Love the thread title. Good riddance.
Hope something better replaces it. That probably won't happen, but not having that shitty shop on the high street is good enough for me. Won't miss it at all.
Hope something better replaces it. That probably won't happen, but not having that shitty shop on the high street is good enough for me. Won't miss it at all.
According to the information we got from our higher management, all the money required to pay everyone's salary in full (both full and part time staff) has already been put to one side and will be paid out at the end of the month (or on the usual pay day for part time staff).I have quite a few full days in next week too. If this 10 day thing comes true, I hope I get paid for that as well! I'm assuming we should, since it said all the money owed throughout March will be paid.
Yes! We should have a party on the shop floor with cake. If any customers complain, they can feel free to join in!
JennyTablina
Member
There are laws for this if your company files for bankruptcy - but Game are effectively dodging this by calling in the admins and rejigging everything - so no penalty for head management at all potentially, other than the hassle of administration and a slightly tarnished reputation for their troubles.
Hopefully GAME at least care about the second chance enough to be honest and cut the wheat from the chaff in head office. Though I assume admins will be making sure whatever comes out of this isn't just GAME under a different name. Things will have to change to make it work. But if it saves the stores staff from the sack, maybe thats something, really depends what happens from here on in I guess.
I feel the most sorry for Gamestation staff who have been sent down the river. A few might be lucky enough to see another day...but otherwise a once great chain has been killed for sure. Though I'll always remember the Indie and Blockbuster owned years with fondness, and even the GAME years had their ups occasionally.
Also Brera, glad your okay in all honesty, I hope your learned your lesson, but thanks for the laughs!
She'll have an iPad3 to keep her sweet at some stage.
zomg is an asset to GAF. I should have listened!
checkeredknight
Member
Ah, lovely. I'm going by MCV and am never sure whether to take some of their info with a pinch of salt or not. No offence to MCV, I could say the same for any other major news site such as theirs. :X
Huw_Dawson
Member
NeoGAF: the only place where "if it looks like a troll, it is a troll" does not work.
Lazlo Woodbine
Member
Sad to see good people out of work, especially in this climate. That said, here's hoping the board of tossers lose their jobs and the administrators manage to salvage something from the two retailers.
Little Old Man
Member
Game collapsing causes Apple profits to rise exponentially confirmed.
So it's all cost you twice over! Well played to her!
The Administrator will file a return to the DTI with the possibility of the director(s) being struck off. Unfortunately the DTI only prosecute in high profile fraud tinged cases (Farepak). What has happened at Game is just bad management I feel.
I worked on the other side of the fence for 5 years - glad I am out of that shitty industry!
Wasn't The Witcher 2
for what its worth, the store I went into a few days ago were agressively trying to get cash deposits for it. 20.00 guaranteed you a copy on release day.
Jeff Albertson
Member
I used up my few points to get bulletstorm for a few bits of shrapnel online, may never turn up but for less than a quid I don't mind.
I hope at the end of all this a High street game chain rises from the ashes
I hope at the end of all this a High street game chain rises from the ashes
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