Struggling UK video game retailer GAME, which has over 1,200 stores in Europe and Australia, has officially entered administration -- the UK equivalent of filing for bankruptcy. The company's stores will remain open while an appointed administrator decides what to do with the business.
GAME had been showing major signs of trouble in recent months, failing to reach deals with major game publishers, including EA. As a result, the company's stores didn't carry Mass Effect 3, and missed out on the game's huge opening weekend sales.
Shortly afterward, GAME pulled its shares from the London Stock Exchange after seeing them drop by 71%.
Today's administration announcement comes after GAME's creditors rejected a takeover attempt by investment firm OpCapita, which had offered to settle all of the company's debts.