Ipswich: Town’s Game and Gamestation stores to carry on trading
THE Game and Gamestation video game stores in Ipswich are to remain open for the time being following the appointment of administrators at the troubled retail group.
A total of 277 stores operated under the two brands in the UK by Game Group are to be closed by the administrators, from accountancy firm PwC, this week, resulting in 2,104 job losses.
However, the Game store in Tavern Street and Gamestation in Carr Street are both on a list of 333 stores which will continue to trade while a buyer for the slimmed-down business is sought.
Game Group has suffered dire trading in recent months, with some suppliers refusing to provide it with new stock, and it announced its intention to enter administration last week.
Mike Jervis, one of the joint administrators from PwC who were formally appointed yesterday, said: “The group has faced serious cashflow and profit issues over the recent past.
“It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.
“Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one – the UK. As a result we are hopeful that a going-concern sale of the business is achievable.”
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