UK game retailer goes into administration (out of business)

[Reprise]

Interestingly enough, I read somewhere that Gamestop was considering buying out GAME.

[GigaPepsiMan]

Administration in the UK basically means Insolvency, inability to pay one's debts as they fall due. In the UK we normally use the term bankruptcy when referring to the debt of a single person.

[GigaPepsiMan]

Changed the title because not everyone here knows what the word administration means.

[Ziggy]

There's multiple chapters of bankruptcy in the USA, depending on the situation and the desired outcome. A business or a single person can claim bankruptcy. Chapter 11 is the one most commonly heard of, usually used by businesses. It's a way to sort out the debt and give the company (or whatever) a chance to rebuild. Other chapters will have different outcomes. I don't know them off the top of my head, but for example, there's a chapter that will allow you to liquidate your business as a way to pay off the debt.

There's so many companies that go Chapter 11 and remain open for business with the general public completely unaware that they're bankrupt. So what exactly does this administration mean? Does it mean that GAME is absolutely finished? Or are there options available to keep them alive (being bought out by another company or something).

[dsheinem]

more proof that consoles are dying

[GigaPepsiMan]

There's so many companies that go Chapter 11 and remain open for business with the general public completely unaware that they're bankrupt. So what exactly does this administration mean? Does it mean that GAME is absolutely finished? Or are there options available to keep them alive (being bought out by another company or something).

To be honest I don't no much about it, most people don't so here is a site that explains it.

What is Administration - a Simple Guide

Administration is a very powerful process for control, where a company is insolvent and facing serious threats from creditors. The Court may appoint a licensed insolvency practitioner as Administrator, this places a moratorium around the company and stops all legal actions, (lots of technical stuff required for this! if you want to know - see longer guides).

The Administration must have a purpose and the Government encourages the use of company rescuemechanisms after Administration.

Under the Administration option it is possible for the company and its directors (or a creditor like the bank) to apply to the court to put the company into Administration through a streamlined process by applying to the High Court.

But the law requires that any finance provider (like a bank or lender), with the appropriate security, is contacted and the aims of the administration be discussed and approved. The finance provider must have a fixed and floating charge (usually under a debenture) and the charge holder will need to give permission for the process to go ahead. Five days clear notice is required.

http://www.companyrescue.co.uk/company- ... nistration

[ExedExes]

The description of Game above definitely sounds like Game Stop here in the USA. Pushing sales and pre-orders, having many stores on one road. Around where I live, no matter where you are, you're really close to a Game Stop. There's practically one in every town.

Right!

Don't rule "GameStop UK" out real soon

[ExedExes]

more proof that consoles are dying

Good, at the rate I'm on, I'll be catching up in about 50 years

[Erik_Twice]

Game is also very big here, I'm surprised to see them going down, they are very popular.

[GigaPepsiMan]

Game is also very big here, I'm surprised to see them going down, they are very popular.

Apparently GAme Spain is safe and will not be shut down.

As for gamestop, they once thought of trying the UK but decided Ireland was a safer bet which is why Ireland is full of them.