Game: 2,104 job losses as 277 stores close

PwC, which was officially appointed as administrator this morning, said it is “liaising with a number of parties who have expressed an interest in purchasing part or all of the business and assets of the group”.

Game group chief executive Ian Shepherd stood down when the retailer collapsed into administration after a turbulent few weeks that saw it losing supplier support and continuing to suffer in a battered games market.

PwC added: “Having reviewed the ongoing operational requirements of the business and with the continued difficulties on the high street, unfortunately it has been necessary to close 277 stores throughout the UK and Ireland as of today.

“Unfortunately, this will inevitably lead to a number of job losses and 2,104 store employees will be made redundant this week.”

PwC said it is working closely with employees affected by this decision to “ensure they receive the support they need during this difficult time”.

Mike Jervis, joint administrator and partner at PwC, said: “Our priority is to continue trading the business as normal while we continue to pursue a sale. 

“The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale. My team and I will be doing all we can to help the affected employees at this difficult time.”

The remaining 333 stores employing 2,814 people will stay open as normal while the administrators continue to find a buyer for the business.

It is thought that Game’s banks, led by state-backed RBS, are working on a deal to buy a slimmed down Game out of administration to claw back its money. Other interested parties are thought to include GameStop, Hilco and OpCapita.

Retail-Week.com revealed on Thursday that PwC had received “5 or 6” serious expressions of interest in Game’s UK arm , which has 600 shops, according to sources close to the situation.