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Game seeks buyer to avoid administration

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03/11/2012 | 03:05pm CET

Struggling British video games retailer Game (>> The Game Group PLC) has put itself up for sale, as it tries to raise cash to pay a quarterly rent bill due in a fortnight, the Sunday Times reported.

Struggling British video games retailer Game (>> The Game Group PLC) has put itself up for sale, as it tries to raise cash to pay a quarterly rent bill due in a fortnight, the Sunday Times reported.

The paper said Rothschild had been appointed to find a buyer. It added failure to pay the landlords could push Game into administration, and said Deloitte had been lined up to handle any insolvency process.

Citing sources, the Sunday Times reported that selling in such a short timeframe "could be a problem". It, however, said the group's Spanish division is thought to have attracted the interest of U.S. rival GameStop Corp. (>> GameStop Corp.)

Game Group, which trades from some 1,270 stores in nine European markets and Australia, declined to comment.

The group, which is facing intense competition from internet players and supermarkets, had last month boosted its chances of survival when it agreed revised lending terms with its bankers.

(Reporting by Adveith Nair; Editing by David Hulmes)

Stocks treated in this article : GameStop Corp., The Game Group PLC
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Financials ($)
Sales 2018 8 762 M
EBIT 2018 570 M
Net income 2018 337 M
Debt 2018 120 M
Yield 2018 9,42%
P/E ratio 2018 4,90
P/E ratio 2019 4,92
EV / Sales 2018 0,20x
EV / Sales 2019 0,20x
Capitalization 1 652 M
Chart GAMESTOP CORP.
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GameStop Corp. Technical Analysis Chart | GME | US36467W1099 | 4-Traders
Technical analysis trends GAMESTOP CORP.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 22,2 $
Spread / Average Target 36%
EPS Revisions
Managers
NameTitle
Julian Paul Raines Chief Executive Officer & Director
Daniel A. DeMatteo Executive Chairman
Tony D. Bartel Chief Operating Officer
Robert Alan Lloyd Chief Financial Officer & Executive Vice President
Jerome L. Davis Independent Director
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