By IH 28/03 Updated: 30/03 08:52
GAMESTATION, the video games retailer which had two stores in Rugby's Clock Towers, has gone into administration.
Trading under the names of Game and Gamestation, the group has stores in the UK and Ireland, Spain, Portugal, France, Czech Republic and Australia. The Gamestation store remains open, but the Game store closed on Tuesday (March 27).
In total 277 of the company's 609 stores throughout the UK and Ireland closed this week. Administrators announced 2,089 staff would be made redundant this week.
There were 609 stores throughout the UK and Ireland employing 5,136 staff. There were also 385 employees based at the group’s head office in Basingstoke.
Mike Jervis, joint administrator and partner at PwC, said: “The group has faced serious cashflow and profit issues over the recent past. It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.
“Our priority is to continue trading the business as normal while we continue to pursue a sale. The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale. My team and I will be doing all we can to help the affected employees at this difficult time.”
“Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable.”
The remaining 333 stores employing 2,829 people will stay open as normal while administrators continue efforts to find a purchaser for the business.
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