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                                                                    EXHIBIT 99.2
                         NOTICE OF GUARANTEED DELIVERY
 
                               CEX HOLDINGS, INC.
 
                             OFFER TO EXCHANGE ITS
               9 5/8% SERIES B SENIOR SUBORDINATED NOTES DUE 2008
                       FOR ANY AND ALL OF ITS OUTSTANDING
               9 5/8% SERIES A SENIOR SUBORDINATED NOTES DUE 2008
             PURSUANT TO THE PROSPECTUS DATED                , 1998
 
     This Notice of Guaranteed Delivery, or one substantially equivalent to this
form, must be used to accept the Exchange Offer (as defined below) if (i)
certificates for the Company's Series A 9 5/8% Senior Subordinated Notes due
2008 (the "Old Notes") are not immediately available, (ii) Old Notes, the Letter
of Transmittal and all other required documents cannot be delivered to The Bank
of New York (the "Exchange Agent") on or prior to the Expiration Date or (iii)
the procedures for delivery by book-entry transfer cannot be completed on a
timely basis. This Notice of Guaranteed Delivery may be delivered by hand,
overnight courier or mail, or transmitted by facsimile transmission, to the
Exchange Agent. See "The Exchange Offer -- Procedures for Tendering Old Notes"
in the Prospectus. In addition, in order to utilize the guaranteed delivery
procedure to tender Old Notes pursuant to the Exchange Offer, a completed,
signed and dated Letter of Transmittal relating to the Old Notes (or facsimile
thereof) must also be received by the Exchange Agent on or prior to the
Expiration Date. Capitalized terms not defined herein have the meanings assigned
to them in the Prospectus.
 
                 THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS:
                              THE BANK OF NEW YORK
 

                                    
   By Registered or Certified Mail            Facsimile Transmissions
                                            (Eligible Institutions Only)
         The Bank of New York
        101 Barclay Street, 7E                     (212) 815-6339
          New York, NY 10286
  Attention: Reorganization Section           To Confirm by Telephone
            Jackie Warren                     or for Information Call:
    By Hand or Overnight Delivery:                 (212) 815-5924
         The Bank of New York
          101 Barclay Street
   Corporate Trust Services Window
             Ground Level
          New York, NY 10286
  Attention: Reorganization Section
            Jackie Warren

 
                               ------------------
 
     DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE OR TRANSMISSION OF THIS NOTICE OF GUARANTEED DELIVERY VIA
FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
DELIVERY.
 
     THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO GUARANTEE
SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL IS REQUIRED TO BE
GUARANTEED BY AN "ELIGIBLE INSTITUTION" UNDER THE INSTRUCTIONS THERETO, SUCH
SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE
SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.
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                         NOTICE OF GUARANTEED DELIVERY
 
Ladies and Gentlemen:
 
     The undersigned hereby tenders to CEX Holdings, Inc., a Colorado
corporation (the "Company"), upon the terms and subject to the conditions set
forth in the Prospectus dated             , 1998 (as the same may be amended or
supplemented from time to time, the "Prospectus"), and the related Letter of
Transmittal (which together constitute the "Exchange Offer"), receipt of which
is hereby acknowledged, the aggregate principal amount of Old Notes set forth
below pursuant to the guaranteed delivery procedures set forth in the Prospectus
under the caption "The Exchange Offer -- Procedures for Tendering Old Notes."
 
 Aggregate Principal Amount
 --------------  Name(s) of Registered Holder(s):
 ---------------------------
 
 Amount Tendered: $
 -----------------*
 -----------------------------------------------------------------------
 
 Certificate No(s) (if available):
 ----------------------------------------------------------------------------
 
 ------------------------------------------------------------------------------
 
 ------------------------------------------------------------------------------
 
 $
 ------------------------------------------------------------------------------
        (TOTAL PRINCIPAL AMOUNT REPRESENTED BY OLD NOTES CERTIFICATE(S))
 
 If Old Notes will be tendered by book-entry transfer, provide the following
 information:
 
 DTC Account Number:
 ------------------------------------------------------------------------------
 
 Date:
 ------------------------------------------------------------------------------
 
 -----------------
 * Must be in integral multiples of $1,000.
 
     All authority herein conferred or agreed to be conferred shall survive the
death or incapacity of the undersigned and every obligation of the undersigned
hereunder shall be binding upon the heirs, personal representatives, successors
and assigns of the undersigned.
 
                                PLEASE SIGN HERE
 
                                        X
              ----------------------------------------------------
 
                                        X
              ----------------------------------------------------
                Signature(s) of Owner(s) or Authorized Signatory
 
             -----------------------------------------------------
 
             -----------------------------------------------------
                                     Date
 
 Area Code and Telephone Number:
 ------------------------------------------------------------------------
 
      Must be signed by the holder(s) of the Old Notes as their name(s)
 appear(s) on certificates for Old Notes or on a security position listing, or
 by person(s) authorized to become registered holder(s) by endorsement and
 documents transmitted with this Notice of Guaranteed Delivery. If signature is
 by a trustee, executor, administrator, guardian, attorney-in-fact, officer or
 other person acting in a fiduciary or representative capacity, such person
 must set forth his or her full title below and, unless waived by the Company,
 provide proper evidence satisfactory to the Company of such person's authority
 to so act.
 
                      PLEASE PRINT NAME(S) AND ADDRESS(ES)
 
 Name(s):
 ------------------------------------------------------------------------------
 
          ---------------------------------------------------------------------
 Capacity:
 ------------------------------------------------------------------------------
 Address(es):
 ------------------------------------------------------------------------------
 
            -------------------------------------------------------------------
 
            -------------------------------------------------------------------
 
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                             GUARANTEE OF DELIVERY
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)
 
     The undersigned, a firm or other entity identified in Rule 17Ad-15 under
the Securities Exchange Act of 1934, as amended, as an "eligible guarantor
institution," including (as such terms are defined therein): (i) a bank; (ii) a
broker, dealer, municipal securities broker, government securities broker or
government securities dealer; (iii) a credit union; (iv) a national securities
exchange, registered securities association or clearing agency; or (v) a savings
association that is a participant in a Securities Transfer Association (each of
the foregoing being referred to as an "Eligible Institution"), hereby guarantees
to deliver to the Exchange Agent, at one of its addresses set forth above,
either the Old Notes tendered hereby in proper form for transfer, or
confirmation of the book-entry transfer of such Old Notes to the Exchange
Agent's account at The Depository Trust Company ("DTC"), pursuant to the
procedures for book-entry transfer set forth in the Prospectus, in either case
together with one or more properly completed and duly executed Letter(s) of
Transmittal (or facsimile thereof) and any other required documents within three
New York Stock Exchange trading days after the date of execution of this Notice
of Guaranteed Delivery.
 
     The undersigned acknowledges that it must deliver the Letter(s) of
Transmittal (or facsimile thereof) and the Old Notes tendered hereby to the
Exchange Agent within the time period set forth above and that failure to do so
could result in a financial loss to the undersigned.
 

                                           
- ------------------------------------------    ------------------------------------------
               NAME OF FIRM                              AUTHORIZED SIGNATURE
 
- ------------------------------------------    ------------------------------------------
                 ADDRESS                                        TITLE
 
- ------------------------------------------    ------------------------------------------
                 ZIP CODE                               (PLEASE TYPE OR PRINT)

 
Area Code and Telephone No. ______________    Dated: ___________________________________

 
NOTE: DO NOT SEND CERTIFICATES FOR OLD NOTES WITH THIS FORM. CERTIFICATES FOR
ORIGINAL NOTES SHOULD ONLY BE SENT WITH YOUR LETTER OF TRANSMITTAL.
 
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