Video: GAME ‘two weeks’ from administration

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THE future of a major gaming retailer which has a store in Skegness is more uncertain than ever after it was reported that its CEO had given the firm two weeks to ‘save itself’.

Trade site MCV claims senior staff at GAME were given the gloomy forecast by CEO Ian Shepherd during a meeting this week.

There have also been reports of ‘fire sales’, where games in some GAME stores have been offered at knock down prices in order to raise cash.

The firm is currently looking to strike a deal with potential buyers, including US firm GameStop.

But if these moves fall through the firm looks like it will enter administration within weeks.

This latest bleak outlook comes after weeks of intense speculation over the company.

As reported in the Standard early in February, doubt was cast over GAME’s viability when publishing giant Electronic Arts questioned the future of a “European chain”.

This was followed days later by news that GAME would not be stocking one of EA’s new flagship releases owing to difficulty with overheads.

But a lifeline was granted to the chain by its banks after it agreed to sell off overseas assets.

GAME also announced their long term plans were to have 550 stores rather than 610 by Christmas 2013.

However, similar problems have cropped up again in recent weeks, with news that GAME will not be stocking two further EA titles. Flagship release Mass Effect 3 is one of the titles that GAME will not be stocking.

If GAME were to go into administration it would be another bitter blow for Skegness, which has endured a string of bad-news business stories in recent months.

Its closure would also take the number of vacant units in the Hildreds SHopping Centre to four, including three empty retail units in the space of four stores.

The vacant bargain book and La Senza stores are both situated within feet of GAME, as the attached video shows.

The video also shows ‘Spring Clean’ sale signs in the store’s windows, which have been linked to the rumoured ‘fire sales’ in some reports.