Bizarre RBS-Fuelled Public Ownership of GAME Dashed by Administration

By Gary Cutlack on at

GAME Group has officially appointed administrators to sort out its sorry situation. Rumours claiming that banking group RBS, one of GAME's biggest lenders, may have been preparing to step in and buy the lot, failed to materialise, so there's big pain on the way for the chain and its employees.

The company's CEO Ian Shepherd has also quit the group today, freeing up room for the administrators to get on with the dirty work of deciding which shops are for the chop. Shepherd says the aim is for the administrator to create "a trading business that he can attract a buyer for" so there's hope for some branches and jobs once the mess has been sorted.

So we could even end up in a situation where RBS, which is already owned by the taxpayer, ends up owning the sweetest parts of the GAME chain. Which would mean a glorious future of free games for everyone, right? Here's the sorry and rather apologetic final statement from GAME:

Further to our announcements of 21 March, the Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group. This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism.

[Reuters via MCVUK]