Troubled high street retailer GAME has been suspended from the London Stock Exchange due to a request by the board of directors since they no longer feel the chain has any equity.
While the initial suspension was made during an assessment of the company's financial position, it has now been revealed that 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."
The statement posted on Games Industry also said that further updates would be forthcoming.
With over £180 million owed to stock providers, staff, landlords and banks, it seems unlikely that any future statements will be overwhelmingly positive. While there was some initial hope for the thousands of employees currently working at GAME's 600 UK stores due to potential buyers, Walmart, OpCapita, Gamestop and Hilco showing their interest - all have been quiet for the past week or so.
Despite everything however, the company has been true to its word in refunding gamers who pre-ordered titles that were eventually not stocked due to problems with suppliers and publishers. GAME has so far missed out on sales of Mass Effect 3 and will do so for Ninja Gaiden 3 and Resident Evil: Operation Raccoon City amongst many others.