March 22, 2012 11.37 am This story is over 123 months old

Lincoln jobs at risk as GAME files for administration

Administration: Dozens of city jobs are at risk as The Game Group, which has three stores in Lincoln, filed for administration.

Dozens of jobs could be lost in Lincoln as a major game retailer chain filed for administration.

The Game Group, which owns GAME and GameStation, are the latest victim in the decline of the High Street, after La Senza and Peacocks announced store closures across the UK.

After removing itself from the stock market, the video game retailer announced it had filed for an administrator to take over.

There are three stores in Lincoln owned by The Game Group: GameStation on the High Street, GAME in Cornhill (pictured) and GAME on Tritton Road.

By going into administration, dozens of employees could lose their jobs as the company downsizes.

GameStation is tipped as the brand most likely to be closed completely, while GAME may re-emerge as a new brand.

However, the company has seen interest in the brands from other businesses, such as US game retailers GameStop.

GAME needs to raise £180 million by March 25 in order to pay the quarterly rent for its 1,274 stores, over 600 of them being in the UK.

The Game Group said in a statement: “The board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business.

“The board has therefore today filed a notice of intention to appoint an administrator.

“In the short-term the board’s intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium.”