Game Group calls in the Administrators

Regular readers of the Amateur Investor will know that I have purchased quite a few blocks of Game Group (GMG) shares.

The computer games retailer has been having a torrid time, mainly due to the gamers switching to online retailers for their computer games fix.

Game Group shares were suspended on 21st March 2012, and it was only a matter of time before the Administrators were brought in.

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GAME shares suspended

Shares in Game Group (GMG) have been suspended at the request of Directors

A statement has been released saying:

“Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business”

The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.

The Company will provide a further update in due course.”