They're in talks with legal advisors over what to do. The loss of EA's March titles like Mass Effect 3 has dampened hopes, as analysts predict they miss out on £2.5 million in profit.
Lenders to GAME were convinced last month that things could turn around but now the syndicate leader, the Royal Bank of Scotland, is said to be getting impatient.
"The immediate response from RBS will be to push for more store closures, but the tipping point for the directors and the lending banks will come when the stores don't have products to sell," reports The Express, citing an "industry source". If more suppliers get too jittery and pull away from GAME then it's likely to happen.
An additional source: "RBS will be looking for the best way to secure its position or improve it. Suppliers pulling their products is a stepping stone to administration, but the problem for RBS pulling the plug is that it will be an expensive and complex administration because Game has 1274 stores across Europe and Australia."
"Lending banks will only want to consider a pre-pack administration, where there is a pre-arranged buyer, but who would want to buy GAME?" The UK retailer has said the loss of EA titles was temporary as both were eager to secure a deal. They also said they were working with others to bolster confidence with publishers.
Rumour has it that US retailer Gamestop is sniffing around and may put in a bid.