Rumour: RBS to Buy GAME Out of Administration
Written Thursday, March 29, 2012 By Lee BradleyView author's profile
GAME are poised to leave administration, with a Royal Bank of Scotland led consortium preparing to bail out the ailing retailer, according to the latest reports. “Sources” close to the deal reckon that it could be signed off as early as tomorrow.
Should it go through, the rescue package will raise a few questions, especially regarding RBS’ rumoured block of a bid by OpCapita before GAME went into administration last week.
Such behaviour suggests, but by no means confirms, that RBS - who are already a leading funder to the company - wanted GAME to slip into administration so they could arrange a cheaper deal once the time came. Allegedly. Don't sue me.
In the last few days, GAME’s administrators have shut 277 stores with a view to making 2014 redundant. Yet the potential RBS deal does not guarantee those jobs, nor the reopening of the stores. GAME’s future still looks very different to its past.