26/03/12: GA Europe appointed to advise Game Group administrators
GA Europe, the leading restructuring specialist, has been appointed to advise Mike Jervis and Stuart Maddison of PricewaterhouseCoopers (”PwC”), who were today appointed as the joint administrators of Game Group PLC.
Game Group is a multi-channel retailer of video games and video games hardware trading under the names of Game and Gamestation, with operations in the UK and Ireland, Spain, Portugal, France, Czech Republic and Australia. There are currently 609 stores throughout the UK and Ireland with 5,136 employees, with an additional 385 employees based in the group’s head office in Basingstoke.
GA Europe will now work closely with PwC, co-ordinating the closure of the 277 less profitable stores already identified as non-continuing, and supporting the trading of the on-going chain including the procurement of new stock.
The joint administrators have stated their belief that there is room for a specialist game retailer in the territories in which Game Group operates, including its biggest one, the UK, and have said that they are hopeful that a going concern sale of the business is achievable.