Welwyn Garden City computer game stores face uncertain future after shares suspended
14:39 21 March 2012
COMPUTER game firm Game Group, which has two outlets in Welwyn Garden City town centre could be the next retailer to disappear, after its shares were suspended today (Wednesday).
And management has admitted the business has no value.
The company, which has stores GAME, in the Howard Centre and Gamestation, just outside the shopping centre in Howardsgate, could be the biggest firm to collapse since Woolworths’ demise in 2008 to 2009. The firm has 1,300 stores worldwide and employs 10,000 staff.
A statement, posted on the company’s website this morning, read: “The board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between 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 (Wednesday).”