The board of directors for GAME has announced - on top of the company's suspension from the London Stock Exchange - that the retailer would be entering administration.
While it will still continue to trade in the short term - I imagine there will be a fair few bargains for anyone looking to cash in on this unfortunate turn - the GAME group is now actively looking to appoint an administrator to handle the break up of the firm and potential sale of some of its facilities, stock and other assets.
"Further to this morning's announcement of the suspension of trading in shares of GAME Group PLC, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business," the company said in a statement. "The board has therefore today filed a notice of intention to appoint an administrator."
Whilst this was the announcement that many were expecting, it might not be all bad news. GameStop while quiet recently, was hinted at being interested in certain parts of the business and was expected to only make its offer once administration was declared. There is also some hope that Comet owners OpCapita will take over certain parts of the UK business.
As Eurogamer reports, entering administration might be a bit of a death knell, but it does give the company a little respite from lenders. Enough time to perhaps find a deal that will save portions of the longstanding UK business.