Follow Up of the Day: UK Games Retailer GAME Closes 277 Stores, Suspends Online Services

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Follow Up of the Day: UK Games Retailer GAME Closes 277 Stores, Suspends Online Services
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After entering administration last week, UK video game retailer GAME has closed 277 of its 600 stores in the UK and Ireland, and laid off 2,104 employees.

Online services have also been suspended, and GAME is no longer taking pre-orders or accepting gift cards.

GAME had been in trouble for quite some time, but the beginning of the end seems to have come last month, when the company was unable to reach agreeable credit terms with distributors including EA, and couldn't stock the hot-selling Mass Effect 3.

GAME reportedly owes $287 million, and if administrator PricewaterhouseCoopers can't find a buyer for it, the company could shut down entirely.

[venturebeat]