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March 26, 2012 02:50 pm GMT

Updated: UK Video Games Retailer Game Group Goes Bankrupt, Closes 277 Stores, Lays Off 2k Workers

game logoIt's been on the rocks for months now, but now international video game retailer Game Group looks like it is finally sinking: today the company announced that it is formally entering administration -- another sign of the woes hitting more traditional parts of the gaming world as people turn to new services like cloud-based gaming and mobile apps for their playing fixes.PricewaterhouseCoopers says that it has been named the administrator for the UK and Ireland operations of a series of assets: GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (retail) Limited and Gamestation Limited. They are acting fact: the main website says it is currently down for maintenance, and apparently half the stores are already shut as of today.The bankruptcy move comes after the company suspended shares on the London Stock Exchange on March 21.

Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/IT32w0zfkSc/

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