UPDATE: GAME Goes Into Administration

<p><a href&equals;"https&colon;&sol;&sol;cdn&period;bagogames&period;com&sol;wp-content&sol;uploads&sol;2012&sol;03&sol;06230408&sol;game&lowbar;2174237a&period;jpg"><img class&equals;"aligncenter size-full wp-image-7973" title&equals;"GAME Company Goes Into Bankruptcy" src&equals;"https&colon;&sol;&sol;cdn&period;bagogames&period;com&sol;wp-content&sol;uploads&sol;2012&sol;03&sol;06230408&sol;game&lowbar;2174237a&period;jpg" alt&equals;"GAME Enters Administration in England" width&equals;"546" height&equals;"342" &sol;><&sol;a><&sol;p>&NewLine;<p>On our last news story about the company&comma; GAME&comma; we told you that there was a chance that the company would be going into Administration &lpar;similar to bankruptcy filing&rpar; and today that chance has become a reality&period; The CEO of GAME&comma; Ian Shepherd has stepped down and their loyalty card scheme suspended&period; Trading in games and hardware for cash has been stopped while you are still able to trade in games for other games&period;<&sol;p>&NewLine;<p>Ian Shepherd&comma; CEO issued this statement&colon;<&sol;p>&NewLine;<p>&&num;8220&semi;<strong>I&&num;8217&semi;ve said a number of times that the administrator&comma; once appointed&comma; takes charge of the business<&sol;strong>&comma;&&num;8221&semi;<&sol;p>&NewLine;<p>He then continued&&num;8230&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;<strong>Having two people try to do that is both confusing and a waste of money&period; With that in mind&comma; I&&num;8217&semi;ve agreed with Mike that I will step down as CEO and the business immediately – this is my final email to you all&period;<&sol;strong>&&num;8221&semi;<&sol;p>&NewLine;<p>The CEO also stated that he thinks there are rough times ahead for the company and has finalized the paperwork for a freelance administrator to take over the business&period; Their main aim now is to sell the company which they are finding difficult to do so far&period;<&sol;p>&NewLine;<p>This goes to show that big companies such as GAME are not safe and although things may seem very much fine on the outside to the public&comma; we can never be too sure what is really going on&period; 277 UK stores are to be closed and 21&comma;000 jobs cut&period;<&sol;p>&NewLine;<p>&lbrack;Via <a title&equals;"GAME Goes Into Administration" href&equals;"http&colon;&sol;&sol;games&period;ign&period;com&sol;articles&sol;122&sol;1221574p1&period;html&quest;RSSwhen2012-03-26&lowbar;035600&amp&semi;RSSid&equals;1221574&amp&semi;utm&lowbar;source&equals;feedburner&amp&semi;utm&lowbar;medium&equals;feed&amp&semi;utm&lowbar;campaign&equals;Feed&percnt;3A&plus;ignfeeds&percnt;2Fall&plus;&percnt;28IGN&plus;Complete&percnt;29" target&equals;"&lowbar;blank">GameNewsHQ<&sol;a>&rsqb;<&sol;p>&NewLine;