Further from what was reported yesterday, the troubles of GAME seem to be getting much worse.
GAME have hired Rothschild – one of the worlds largest independent financial advisory groups – in order to help the troubled company find a buyer.
As reported yesterday, the company must fork up the goods within two weeks, otherwise failure to do so could result in the company going into liquidation.
GAME’s stock still continues to plummet. At the time of writing, shares are valued at 1.15p. GAME have confirmed that a number of their suppliers are refusing to do business, which has resulted in the company’s shares being pushed down by 55%.
GAME released a statement in response to some of the announcements heard this morning:
While these discussions are on-going, it has not been possible to source new products from a number of suppliers. The Board of GAME is working actively to resolve these issues as quickly as possible. This includes on-going discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all of its assets in the UK and international territories.
It is uncertain whether any of the solutions currently being explored by the Board will be successful or will result in any value being attributed to the shares of the Company.