Perhaps things aren't looking so bad for the GAME company. Although they're rapidly losing support from publishers – rumour has it Activision and Microsoft have dropped out and GAME will be unable to stock the Star Wars 360 – it seems that they might have found a buyer who not only wants the company, but is willing to pay off all their debts as well.
OpCapita, who recently helped to bring white goods store Comet back from the brink, have apparently offered to bring GAME back from the dead as well. Whether this actually happens or not has yet to be seen, GAME have less than a fortnight now until their debts are due and banging out a suitable deal may take time.
OpCapita recently had Comet lay off nearly 500 staff after closing their in-store repair service, so it's likely that if they take over GAME, they won't hesitate in cutting off parts of the business that just aren't working.