Suppliers give Game the cold shoulder

Senior management given two weeks to turn around embattled gaming retailer's fortunes, according to reports

Suppliers continue to give Game a wide berth as crisis talks between the embattled gaming retailer and its suppliers and lenders continue.

The high street outfit saw its share price nosedive a further 67 per cent this morning as it admitted it was uncertain whether any of the solutions on the table – including the sale of the firm – would be successful.

Last month, Game said it expected losses for its financial year to 31 January to hit £18m and agreed revised terms for its facilities with its lending syndicate.

Today it admitted that a number of suppliers had decided to give it the cold shoulder while these talks take place. This has meant it has been unable to punt eagerly anticipated new games including Mass Effect 3.

Game is in desperate need of a cash influx to pay its rent, according to national press reports.

Senior management at the firm, which has 1,270 stores, have been given two weeks to turn around its fortunes or brace themselves for administration, according to a report by gaming trade magazine MCV.

"The board of Game is working actively to resolve these issues as quickly as possible," the firm stated in a Stock Exchanage announcement this morning. "This includes ongoing discussions with suppliers, seeking access to the original facility or alternative sources of funding, and reviewing the position of all its assets in the UK and international territories.

"It is uncertain whether any of the solutions currently being explored by the board will be successful or will result in any value being attributed to the shares of the company."