The major creditors of maybe in serious trouble retail chain GAME met with administrators from Pricewaterhose Coopers yesterday for the first time.
That must have been a fun meeting... the only resolution passed was that a Committee of Creditors would be formed to liaise with administrators in further matters. There'll be a second meeting in June.
However, administrators have also reported some glimmer of light at the end of the no doubt loooong tunnel.
“We’ve advertised for expressions of interest in the business from interested parties and the deadline for these closed yesterday," said PwC partner Kate Warwick in today's announcement. "Despite the very challenging circumstances facing the retail sector, we have received various expressions of interest for parts of the business, including a number of parties expressing interest in the business as a going concern. We are currently exploring the possibility of achieving a continuity of the business as a going concern with the company’s many landlords who appear pivotal to any continuation”.
A decision should be coming the next few days.
