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sandman

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Dudley

Dudley

Posted
Posted

From wikipedia

And this from Watchdog http://www.bbc.co.uk...d_vouchers.html

Looks like if you bought a giftcard before EUK went into administration you were really unlikely to see anything back, even vouchers purchased after EUK went into admin weren't guaranteed to be honoured/refunded.

The time period between the EUK and Zavvi administrations was 27th November 2008 - 24th December 2008, so only the vouchers sold during that time were covered by the fund. In the case of Game, there's no equivalent of EUK in the picture, so I doubt there'd be any fund set-up in advance of Game going into administration. I'm no expert though, so I could be talking nonsense.

Ultimately all their giftcards/points are unsecured credit and the holders are pretty much the last in line for getting anything back - I'd certainly not risk it :)

This basically says what I was trying to say only 100 times better.

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zektbach

zektbach

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What does Wall Street Rick say about this? Is now the time to buy?

I'm not stupid enough to think there aren't serious issues with the company but at the same time I can't see it disappearing off the High Street just like that! GAME have support from a lot of distributors who do rely on GAME for sales.

Nearly 2000 stores world wide is a lot of store space to sell your shit. GAME is doomed is as silly as Nintendo is doomed. GAME will become smaller and more profitable long term and return to it's glory days.

Let's not forget that the whole industry is down this year, Nintendo, Sony, MS etc are all hurting for sales and in turn, GAME is as well as it is so large a part of the industry.

My view has always been the same. The company is priced at bargain prices right now. It's going through a lull in sales but with the uptake in 3DS, release of Vita and WiiU this year and XBOX720 and PS4 next year, we're looking at the good times again!

Just look at Vita sales. GAME accounts for 50% of Vita sales. UBI Soft saw the writing on the wall and came running back. EA is next!

That last line is particularly hilarious. He bleated on a bit about dabbling in day trading as well, with GAME shares and Thomas Cook shares. The guy is a maverick!

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Dudley

Dudley

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Once they finally go under I really should write about my experiences working for GAME's long forgotten movie/DVD/Gadget store they tried to launch.

Although the way the group as a whole is currently going should be considered a spoiler.

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Rev

Rev

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Think it may be time to spend my ~£200 worth of points with GAME then. Shame most of the stuff I'd be interested in isn't even in stock <_<

Get points, sell on here, put money in bank.

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splode

splode

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Was on the Tube today and on the projected ads at platform level Zavvi were advertising their ability to sell Mass Effect 3 and Fifa Street ... evidently the competition can smell blood in the water.

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Robo_1

Robo_1

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Yeah, the Capcom news is really the curtain call. EA, Nintendo, Ubisoft and Capcom have either jumped ship or in the case of Ubisoft, are just running back for the dog, in the hope that they can still get out before the lights go out.

You've got to wonder who's going to be next, and how long it will be before they decide to just admit defeat.... oh, looks like the life boats are already being prepped.

In related news, (and to distract from discussing floats) Choices UK has just gone into receivership.

I couldn't be less shocked. The one time I was going to order a game from them, they wanted something like 15 pounds for international shipping.

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ontwofronts

ontwofronts

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Happened about once a week to me when I was doing that job, and I was only doing a few hours a week for some extra money. I'm not saying it's a frequent headache, but it is more common than you realise. And no, it doesn't work like that, as each till has its own balance and its own safe etc, and throughout the day the operator empties the drawer to put it into the safe, the contents of which then gets sent into one of those hydraulic tube things at night. They aren't just magically refilled with lots of banknotes on demand*, nor is money taken from other checkouts for the purpose. You might be able to swap a load of pound coins for the same sum in notes with another checkout, but generally a supervisor would have to go take them over to customer services to get it sorted out. Maybe Tesco do it differently, mind you, and obviously that's not the way a normal shop as opposed to a supermarket would do it.

My point was that on occasion even those checkouts run out of immediate cash on hand, so it shouldn't be a surprise that somewhere which actually buys things off punters would.

*Bags of change, yes.

Tesco do it differently. If a business, any business, provides a cashback service which it can't fulfill then it either changes it's operation or it stops providing cashback.

The more I read about CEX "running out of cash" - just google it, it's a common complaint - the more convinced I am that this is a deliberate counter balance.

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cpc464

cpc464

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Did it not take the website side a couple of days to tell people on here their orders of ME3 had been cancelled?

Yeah, I think it did. It's just going to piss off even more people. They're not doing themselves any favours, really.

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El Pibe

El Pibe

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They can offer the best prices but palm you off with store credit. They don't actually want to pay you cash.

Indeed. That must be the reason.

If, as mentioned above, you google anything like 'CEX no cash' there are hundreds of people complaining/commenting that they were told there was no cash at different times of the day.

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McCoy

McCoy

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That last line is particularly hilarious. He bleated on a bit about dabbling in day trading as well, with GAME shares and Thomas Cook shares. The guy is a maverick!

What Rick is missing is that I don't think we are too far away from a pre-pack administration type deal like Blacks in which case I think the current shareholders lose everything. There is a profitably business somewhere in Game but large changes need to happen to get there.

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BeeJay

BeeJay

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They can offer the best prices but palm you off with store credit. They don't actually want to pay you cash.

Absolutely, the hope is that having got that far, you will just accept the trade instead. The cash offer is a bit of window dressing really.

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Rev

Rev

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GameStop buying the business is the only result that could see Rick making money. But as things are, I don't think they will. BestBuy demonstrated what happens when you set up a fully fledged business from the get-go in a rough climate. Apart from at most a small handful indies, no other chain will take up the spaces available and fill them with games so there won't be a rush which means GameStop can expand in a much more controlled way by ignoring Game. And without being considered related to the failure of Game, too.

I'd expect to see them let Game die, then take on maybe a quarter of the most profitable locations from the administrator if they decide they want to be in the UK highstreet.

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Dudley

Dudley

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GameStop buying the business is the only result that could see Rick making money. But as things are, I don't think they will. BestBuy demonstrated what happens when you set up a fully fledged business from the get-go in a rough climate. Apart from at most a small handful indies, no other chain will take up the spaces available and fill them with games so there won't be a rush which means GameStop can expand in a much more controlled way by ignoring Game. And without being considered related to the failure of Game, too.

I'd expect to see them let Game die, then take on maybe a quarter of the most profitable locations from the administrator if they decide they want to be in the UK highstreet.

Yeah, there's literally no reason to buy GAME without administration, you'd spend multiple times the value of the business to close the stores you need to etc.

Far, far better to wait for it to collapse and buy the 100-200 stores you want and the ip. Sell off the Gamestation ip to The Hut or someone.

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zektbach

zektbach

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Just to provide some hilarity, here is a RickStrider update, courtesy of his own phenomenal level of stupidity being displayed on NeoGAF, hilarious.

GAME heavily followed Nintendo, now that Nintendo are floundering for the same reasons ie too much focus on casuals. Nintendo are turning is around despite the constant Nintendo am doomed shit on here. Same with Sony.

Gamers are miserable sods that like seeing companies fail and outline why they think it's that way.

The next generation has started. 3DS is picking up steam and the Vita is out, GAME have demonstrated their selling power. 50% share of a launch console is not to be sniffed at.

If Nintendo are to survive with the WiiU, they're gonna need GAME's enormous network and buying power.

Followed of course by a load of people saying he's talking shit (which he obviously is). Then comes more talk about GAME's WAR CHEST! This wonderful magical amount of money that GAME have which would save their asses! At first he was claiming it was £120 mil, but actually, its apparently £150 mil:

Looks like their war chest is actually 150 million...

Quote:

Depreciation: £25,404,000

Total Fixed Assets: £322,644,000

Trade Debtors: £26,512,000

Cash at Bank: £151,243,000

Trade Creditors: £201,009,000

Bank Loans and Overdrafts: £15,727,000

Other Short Term Finance: £2,017,000

Misc Current Liabilities: £101,316,000

Total Current Liabilities: £320,069,000

Share Capital & Reserves: £201,009,000

P & L Account Reserves: £15,727,000

Shareholder Funds: £2,017,000

Net Worth: £117,119,000

Working Capital: £29,627,000

Total Assets: £672,340,000

Total Liabilities: £345,346,000

Net Assets: £326,994,000

Leading on to many people explaining that information was valid as of January 2011, since then their cash depleted to £40 mil in July, and has likely depleted even further, even showing graphical evidence from GAME's own investor website...

At which point he seems to defy all logic and finishes with this:

They are looking at a £30 million loss a year later. It's fair to assume the war chest is around £120 million

The gift that keeps on giving, a fool completely unwilling to admit that he's pissed away his cash on fucking awful shares.

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