The gaming retailers have received a set back as the shares in Game Group are continuously tumbling down. In a recent board meeting, the board members concluded that zero equity value is left in the group. It means that the future of the Game Group is bleak.
Last month, the growing competition among the retailers and supermarkets has adversely affected the gaming market. Retailers were seen saying no to the key game title like Mass Effect 3. By the end of this week, Game would be required to pay rent, for which it’s struggling hard to gather the funds.
On Wednesday, the company said that the shares of Game would be prevented for trading on the London Stock Exchange. The company was reported as saying, “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”.
It has been informed that the Game Group has as many as 1,300 stores all over the Europe. In the UK alone, it has 600 stores and has 6,000 employees. The company is required to raise an amount of £180m by the end of this week or would have to face legal action.
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