Andre Yoskowitz
26 Mar 2012 14:42
The company had been teetering on the brink for months now.
Game Group, based in the UK, has filed for bankruptcy protection, with UK and Ireland operations being turned over to Pricewaterhousecoopers, the massive accounting firm.
The company was behind the brands of GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (retail) Limited and Gamestation Limited.
Pricewaterhousecoopers (PWC) has already closed down 277 of the company's 610 stores and has taken down the company's website for much needed maintenance. In addition, 2,104 employees are getting laid off.
"A number of parties who have expressed an interest in purchasing part or all of the business and assets of the group," added PWC (via TC). The gaming retailer had suspended trading of its stock on March 21st.
The company went bankrupt due to "serious cashflow and profit issues" brought on by high fixed-costs, "fluctuating capital requirements" and an international strategy that bombed.