PwC: GAME job losses are "regrettable"

Administrators PwC have said that today’s loss of over 2,000 jobs at GAME and Gamestation is regrettable” but that the move will place the company in a stronger position”.

And furthermore, the company still intends to agree a sale for GAME’s remaining assets and for the company to continue trading as a going concern.

"Our priority is to continue trading the business as normal while we continue to pursue a sale,” a statement from PwC’s Mike Jervis said in a statement.

"The group has faced serious cashflow and profit issues over the recent past. It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.

The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale. This decision is taken after careful consideration and ceaseless interrogation of every possible alternative.

My team and I will be doing all we can to help the affected employees at this difficult time.

"Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one – the UK. As a result we are hopeful that a going-concern sale of the business is achievable.

"The board would like to thank the teams of Game and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism."