GAME has one week to raise £180m
The GAME group has one week to raise £180m according to the Sunday Times.
The specialist chain has £21m to pay in rent which is due on Sunday, a £12m wage bill due just afterwards and it owes more than £10m in VAT which has been deferred. Furthermore, a whopping £40m is to be sent out to videogames suppliers.
The paper says that GAME could be put into administration this week as lenders believe the firm will not be able to find a backer in time. Any investor, as well as the above mentioned debt, would have to pay the firm’s six banks – including Royal Bank of Scotland – £100m.
GAME is in emergency talks with a number of potential new backers, the paper writes.