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Game Group shares suspended on Stock Exchange

Fears are growing for the future of struggling games and console retailer Game Group after its shares were suspended on the London Stock Exchange.

CITY & CORPORATE

Game Group shares suspended on Stock Exchange

Fears are growing for the future of struggling games and console retailer Game Group after its shares were suspended on the London Stock Exchange.

In a statement the group said that discussions were ongoing with its lending banks and a potential third party funder but it was unable to assess its financial position and was "of the opinion that there is no equity value left in the group".

The group, which has 1,300 stores and employs 10,000 staff, is reported to be trying to raise £180 million this week or face administration after several suppliers refused to provide it with new releases.

It has been reported that Game faces a £21 million rent payment this weekend and a £12 million wage bill at the end of the month. It also owes £40 million to suppliers and more than £10 million in VAT.

The group said it would provide a further update "in due course."

 

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