Game Group share trading suspended
Ailing UK retailer Game Group has suspended trading of its shares pending "clarification of the company's financial position".
In a statement, the board said that the company's value had been eroded.
"The Board now considers itself to be unable to assess the business's financial position, and is of the opinion that there is no equity value left in the Group."
"Therefore the company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 07:30 today."
A further update has been promised in due course.
According to a Financial Times report, a number of industry experts believe that up to 300 UK and Ireland stores of the group's current 600 base could be shuttered. Charles Stanley Securities analyst Peter Smedley said that 300 closures was “a plausible number for the dominant player in the UK”.
The company's shares closed at 2.39p on Tuesday, 62p down year-on-year. At their lowest, shares reached just half a penny following reports that Game had put itself up for sale.