Game seeks buyer to avoid administration
03/11/2012| 09:05am US/Eastern
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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)
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