The administrators have been called in to perform the last rites on GAME Group, the video games retailer which crashed and burned in March.
The board of GAME said the decision to pull the plug was taken "after careful consideration and ceaseless interrogation of every possible alternative."
The writing was on the wall for the cash-strapped retailer when reports erged in February that it was having trouble securing supplies of hot new games from publishers who feared they would not get paid should the company go belly-up.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Less than six months ago the shares were trading above 24p, but went into a tailspin in November when the company warned that revenues were falling off a cliff.
jh
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
