More bad new for Cirencester shops
The future of GAME Group, the computer games retailer with a shop on Cricklade Street, is in doubt today as the company has filed for an administrator to be appointed.
Game has 1274 stores (600 of which are in the UK) and employs 10,000 people worldwide (6,000 in the UK), but it has been hit by the shift to supermarket and online purchases of games.
It is reported that the request for an administrator allows the company to work on a rescue plan for half of the UK stores in what is called "pre-pack" administration.
In the last year the GAME share price has fallen from 62p to 2.39p and the shares were suspended. Investors have been told there was no equity value left in the group. Back in 2008 the shares traded briefly at the 300p level.
If the Cirencester shop is closed then it will add to the list of recent closures such as Jack Russell, La Senza, and Sorted - and it will be the largest retail failure since Woolworths.
Posted: 22/03/2012 14:07:30
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