Published Monday, 26 March 2012
GAME in Belfast city centre. (© UTV)
In Northern Ireland 13 of the company's 18 stores have closed or will close, with the loss of 110 jobs.
Five stores are continuing to trade in Northern Ireland. They are located at the Abbey Centre and Donegall Arcade, both in Belfast, at the Rushmere Centre in Craigavon, at Richmond Centre in Londonderry and in Newtownards.
The remaining 333 stores across the UK and Ireland, which employ 2,814 staff, will continue to trade while they try to find a buyer for the remainder of the business.
Professional services firm PwC was appointed administrator to the company's UK and Ireland operations on Monday.
It comes after GAME suffered dire trading in recent months, while some suppliers refused to stock the business.
Mike Jervis, joint administrator and partner at PwC, said: "The recent job losses are regrettable but will place the company in a stronger position while we explore opportunities to conclude a sale.
"My team and I will be doing all we can to help the affected employees at this difficult time."
The retailer is facing a £21m bill for rents this quarter whilst struggling under £180m of debts for the year ending January. Shares were suspended last week.
A statement on Monday said: "The Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group.
"This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism."
The group's lenders were reportedly working on plans to buy a slimmed-down version of the retailer out of administration.
GAME's demise follows a series of profit warnings and the failure of several major publishers including Nintendo and EA to provide new games.
The company suffered a dismal Christmas and was later forced to ask suppliers for more generous trading terms.
It agreed fresh lending facilities with banks last month and began seeking access to alternative sources of funding earlier this month.
It faces a £12m wage bill this weekend, although PwC is expected to honour any wages owed.