Want to help GAME avoid closure? You’ll need £180 million
The end of March is the new deadline for the beleaguered high street retailer, with facility rent, staff wages, VAT and loan repayments all coming together to give GAME higher ups a seemingly impossible task.
Press Association has been tallying up the invidual costs associtated with the chain, discovering that there’s £21 million due in rent, £12 million for wages, £10 million for VAT, £40 million to various suppliers, and a horrible £100 million for bank payments. Considering the stock price of GAME values it at a little over £10 million, it’s not looking like such a hot buy for any of the corporations looking to pick it up.
There have been a few potentials so far, including GameStop, OpCapita, Walmart and Hilco, but so far not one of them has come forward with an offer. Some have speculated that once GAME enters administration a deal could be struck, but by then it could be too late to save much of the 1,300 stores. There’s also over 10,000 jobs to consider.
Another unfortunate turnout for the store recently has been game publishers shunning its shelves. Microsoft, Capcom, Tecmo Koei, Activision and EA have all decided not to supply stock to GAME, meaning it missed out on sales of Mass Effect 3 and will do so for Ninja Gaiden 3, Resident Evil: Operation Raccoon city, Street Fighter X Tekken and several more.
While a buyer will probably be found at some point, rejuvenating some of the stores, GAME as we know it will be gone for good in just a few short days.