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GAME Group suspended from trading on London Stock Exchange

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GAME Group has suspended trading on the London Stock Exchange.

GAME's directors see "no equity value left in the Group" after shares fell to 2.39p yesterday afternoon. The decision to delist itself from the London Stock Exchange went into effect from 7.30am today (March 21).

GAME store


"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," reads a statement issued by GAME.

"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 news comes after GAME held talks with several suppliers, in order to raise funds for store rent due this weekend.

Comet owners OpCapita are reportedly said to have the money in place to repay GAME Group's debts and a management group in place to restructure the business, but are awaiting approval from the Royal Bank Of Scotland (RBS).

Closing its chain of GameStation stores is another avenue being explored by GAME Group in a bid to save the retailer.

GAME recently received lender support to alleviate financial troubles following apparent concern by publisher EA.

The high street retailer's shares plummeted by 90% in 2011, despite £1 billion in annual turnover.

> Everything must go: Is this the death of games retail?

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