On our last news story about the company, GAME, we told you that there was a chance that the company would be going into Administration (similar to bankruptcy filing) and today that chance has become a reality. The CEO of GAME, Ian Shepherd has stepped down and their loyalty card scheme suspended. Trading in games and hardware for cash has been stopped while you are still able to trade in games for other games.
Ian Shepherd, CEO issued this statement:
“I’ve said a number of times that the administrator, once appointed, takes charge of the business,”
He then continued…
“Having two people try to do that is both confusing and a waste of money. With that in mind, I’ve agreed with Mike that I will step down as CEO and the business immediately – this is my final email to you all.”
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. Their main aim now is to sell the company which they are finding difficult to do so far.
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, we can never be too sure what is really going on. 277 UK stores are to be closed and 21,000 jobs cut.
[Via GameNewsHQ]