Troubled retailer Game has suspended trading in the stock markets following an announcement from the company heads.
The board of Game has assessed the status of the ongoing and regular discussions between Game and its lending banks and a potential third party provider of finance to the business.
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 Company will provide a further update in due course
Whilst they have not been de-listed from the Stock market (meaning they can start trading again at any point) it’s likely Game are on the road to administration. It’s too early to discuss a firesale or mass grab for excess inventory but it’s worth keeping an eye open.