LATEST: Game must raise £180m in one week to survive, reports

The Game store in Skegness.
The Game store in Skegness.
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THE BELEAGUERED Game group will need to raise £180m within the next week or find a buyer if it is to avoid administration, The Sunday Times has reported.

The retailer, which has a store in Skegness, has been hunting for a buyer in recent weeks after its CEO gave it ‘two weeks’ to save itself, following a series of financial blows.

Lower than expected sales over the festive season, coupled with crippling debt interest repayments have left the company on the brink - despite an annual turnover of around £1billion.

Comet owner OpCapita is said to be interested in buying the firm’s UK arm, as are the likes of US firms Walmart and GameStop.

But no deal has yet been struck.

And the Sunday Times has now reported that the firm will need to raise £180m within days if it is to avoid financial meltdown.

Game allgedly owes £40m to video game suppliers, £21m in rent, £12m in staff wages and £10m in deferred VAT.