GAME in serious trouble

caspa307

www.game.co.uk..........

MJA Jervis and SD Maddison have been appointed as Joint Administrators of The GAME Group plc, Game Stores Group Limited, Gameplay (GB) Limited, Game (Stores) Limited, Games Station Limited, Game (Retail) Limited and Gamestation Limited on 26 March 2012, to manage their affairs, business and property as their agents and without personal liability.

We are currently reviewing and processing orders placed on this website.
MJA Jervis and SD Maddison are licensed in the United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

We apologise for any inconvenience this may cause and we hope to be back up and running very soon.

Beefy78

TheDoc wrote: »

And good riddens to it

Well documented how publishers and devs see it the same as pirating.

Retailers making money hand over first with no investment coming back to the publishers/developers.

Do you feel the same way about people having the cheek to sell their car? Or their house?

What about all those bastards selling stuff on eBay? Practically the same as robbing the good people who makes those clothes/phones/DVDs/furniture isn't it?

I never sell or trade my games and buy 95% of my games new, but I don't see any moral objection to other people feeding the second hand market, especially if it's keeping retail stores alive.

gizmo

Couple of important points on their Facebook page...

1.Online Sales: We expect some disruption to our online services over the next few days while we make some changes. We apologise for the inconvenience this causes.

2.Refunds and Exchanges: Until further notice, we will not be able to offer refunds or exchanges for products purchased either before the administration or for products purchased from the date of the administration.

3.Pre-Orders: No new pre-orders can be taken until further notice. No refunds can be given for any pre-order deposits which have been paid. We are reviewing this over the next week.

4.GAME Reward card: We have had to suspended use of GAME Reward Cards. This means that points can be earned but NOT redeemed until further notice.

5.Gift cards: We have also had to suspend GAME gift cards. The value on these cards cannot be redeemed. If this changes, we will let you know. We apologise for the inconvenience this causes.

6.GAMEWallet: the value stored in GAMEwallet accounts will be suspended until further notice following the appointment of administrators.

7.Pre-owned Software: You can still buy pre owned products at great prices in your local store or online. If you trade in a pre-owned software item then you will still be able to accrue reward points and use your trade in to exchange for another item. You will not be able to trade in pre-owned software for cash. If this changes, we will let you know. We apologise for the inconvenience this causes.

8.Pre-owned Hardware: We have had to suspend trade in for pre-owned hardware at this time. If this changes, we will let you know. We apologise for the inconvenience this causes.

9.Click and Collect titles: We have had to suspend this service. We apologise for any inconvenience this causes.

RobbingBandit

Are Dawson Street and Ilac Centre stores closed too?

brendor

GAME in Patricks St Cork closed at 2 today

Kiith

Are some of those points on their Facebook page even legal? No refunds and refusing Gift cards specifically?

Oafley Jones

brendor wrote: »

GAME in Patricks St Cork closed at 2 today

Didn't think they'd be first to close. The money I must have spent in there since it opened must have been huge, although having said that I've probably only bought maybe one or two items in there in the past year.

LookingFor

Kiith wrote: »

Are some of those points on their Facebook page even legal? No refunds and refusing Gift cards specifically?

Don't know, but I know administration provides a business with court protection from certain things. Gift cards, I guess, make you a creditor of the business, and creditor demands are one thing they're protected from during that period.

At least, I think that's the case anyway.

Cuddlesworth

Kiith wrote: »

Are some of those points on their Facebook page even legal? No refunds and refusing Gift cards specifically?

In essence, yes. If you had made a purchase or pre-order with a credit card you can claim back whatever owed through them since they are secured creditors.

Lucious Sweet

Oafley Jones wrote: »

Didn't think they'd be first to close. The money I must have spent in there since it opened must have been huge, although having said that I've probably only bought maybe one or two items in there in the past year.

Same story with me and the Limerick Store. Spent tons down thru the years but very little lately. HMV and Amazon beat them every time.
Still, sorry to see them go

Andy!!

Ilac and Dawson street appear to be closed. If they shut without habing a firesale I'll not be pleased... cnuts.

Pacing Mule

Cuddlesworth wrote: »

Kiith wrote: »

Are some of those points on their Facebook page even legal? No refunds and refusing Gift cards specifically?

In essence, yes. If you had made a purchase or pre-order with a credit card you can claim back whatever owed through them since they are secured creditors.

Actually visa and master card would not be secured creditors. They may have funds which they have not yet transferred to the retailer to hold back but more often than not your refund is provided from an insurance fund which a portion of every card transaction fee goes to.

RobbingBandit

I would be thinking the stores are closed for a stock audit, see what has to go back to suppliers and what is left that can be sold off pronto. Most of the Sony stock had property of Sony stickers on it behind the counter. At least the Vita stuff did. Sad day if they have upped and gone,they will be missed.

Beefy78

Pageant Messiah wrote: »

Actually visa and master card would not be secured creditors. They may have funds which they have not yet transferred to the retailer to hold back but more often than not your refund is provided from an insurance fund which a portion of every card transaction fee goes to.

No, there's no such insurance fund. Whoever is GAME's bank and who provides their card machines would have to honour claims back from people who have bought vouchers and gift cards by Visa or MasterCard which they can no now longer redeem. They may have a pool of funds set aside to cover this but if they do that will be because of arrangements that they have put in place with GAME, not because it's standard for the industry.

cherryghost

Athlone is also closed.

Doodee

crap!

So are they not honoring gift cards in all stores?

Shorty11857

Andy!! wrote: »

Ilac and Dawson street appear to be closed. If they shut without habing a firesale I'll not be pleased... cnuts.

I wouldn't count on a firesale honestly, maybe one on preowned stock if they do close all the Irish stores

r0cks0l1dd

According to sources on CVG, ALL Irish GAME stores have been closed. I think that includes Northern Ireland as well. Not sure about Gamestation though.

Of course, don't take this as fact yet but it's looking likely.

Pacing Mule

Beefy78 wrote: »

Pageant Messiah wrote: »

Actually visa and master card would not be secured creditors. They may have funds which they have not yet transferred to the retailer to hold back but more often than not your refund is provided from an insurance fund which a portion of every card transaction fee goes to.

No, there's no such insurance fund. Whoever is GAME's bank and who provides their card machines would have to honour claims back from people who have bought vouchers and gift cards by Visa or MasterCard which they can no now longer redeem. They may have a pool of funds set aside to cover this but if they do that will be because of arrangements that they have put in place with GAME, not because it's standard for the industry.

I believe you are mistaken. Visa and MasterCard are the ultimate underwriters for all transactions and a portion of all fees a retailer pays goes to cover amongst other things retailers going into administration whilst not providing the paid for goods or services etc. this is why for example you cannot get a refund / chargeback in this circumstance if you paid using a laser card even though by your logic you should be able to claim against games terminal issuer. The laser card system does not run such a scheme.

Doodee

This sucks. Went in on Friday to use the voucher but said I'd try a few other stores to see if they had what I wanted, now this

50 blips wasted.

Zapp Brannigan

Thank god I emptied my gift card and reward card buying iTUnes vouchers on Thursday!

Sucks for the people I know who'll be losing their jobs. Although they can't say they didn't see it coming, company has been on the downturn for at least 2 years.

kevohmsford

This news is another big blow for the country. I feel sorry for the people who have lost their jobs. I know the feeling. It is terrible.

cherryghost

I'd also like to know if my 10 euro in reward points and my voucher are worthless now

cloud493

Lucky I spunked all my rewards points last time I went to England :cool:

Shorty11857

cherryghost wrote: »

I'd also like to know if my 10 euro in reward points and my voucher are worthless now

Well all stores in Ireland seem to be closed and they're not honouring them in the UK for the time being anyway...:(

Deano7788

The store in Limerick is closed with a sign on the door saying, "This store is now closed. For further information please contact Game head office."

Feel kinda bad for all the people in my local store who had Vita's on order. When I went in last Friday week to get one I was told that they had none in stock but could pay for it and they would add my name to the list, seemed to be a dozen or so names on it. They couldn't guarantee that they would have the Vita in before this Wednesday coming. Gotta feel sorry for all those people who in good faith paid for an item they may never see and could face a tough fight to get their money back.

Zero-Cool

Deano7788 wrote: »

The store in Limerick is closed with a sign on the door saying, "This store is now closed. For further information please contact Game head office."

Ah thats crap, wonder what notice the boys got or were they just told when they got into work.

Beefy78

Pageant Messiah wrote: »

I believe you are mistaken. Visa and MasterCard are the ultimate underwriters for all transactions and a portion of all fees a retailer pays goes to cover amongst other things retailers going into administration whilst not providing the paid for goods or services etc. this is why for example you cannot get a refund / chargeback in this circumstance if you paid using a laser card even though by your logic you should be able to claim against games terminal issuer. The laser card system does not run such a scheme.

No you're wrong. Visa and MasterCard don't underwrite anything. What you're describing is a chargeback which is the process whereby a card transaction is reversed but the liability for it falls on whoever the bank is that the company get their processing facilities from (the Acquirer). Laser don't offer a chargeback system for non-receipt of goods or services which is why someone who paid using a Laser card wouldn't be able to get their money back this way. Visa and MasterCard do offer this system but they don't pay that money themselves.

By default there is no insurance or pool of funds collected through the fees that the Bank charge. If the Acquirer hasn't taken security from the business then they're the ones who foot the bill. Banks take huge hits through such credit losses because not only are they considered an unsecured creditor but because their liability is dependent on the number of people who bother to raise a chargeback so when it comes to creditors meetings and the likes they are considered to only have a Contingent Liability ( http://en.wikipedia.org/wiki/Contingent_liability ) thereby denying them full voting rights.

Beefy78

kevohmsford wrote: »

This news is another big blow for the country. I feel sorry for the people who have lost their jobs. I know the feeling. It is terrible.

Very true. I happened to call into GAME on Dawson Street yesterday, bought a couple of games and had a 10 minute conversation about football with a couple of members of staff. They were nice lads and if they're out of work today then I hope they land on their feet and find something else.