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Rumour: RBS to Buy GAME Out of Administration
Written Thursday, March 29, 2012 By Lee Bradley
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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.

[via MCV]




 
 

User Comments

Forum Posts: 6
Comment #1 by Vixen XXX
Thursday, March 29, 2012 @ 03:41:40 AM
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hopefully good news. really hope they stay trading as i cant wait for my witcher 2 dark edition


Forum Posts: 10
Comment #2 by ChrisDrummer
Thursday, March 29, 2012 @ 03:45:01 AM
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It sucks RBS are doing this. Essentially buying the company cheap, and then probably selling it off as soon as the share prices get some value. It is a real shame OpCapita weren't allowed the deal, they probably would've closed stores as well, way too many in each town, but maybe not as many, and not as soon. My thoughts go out to those who have lost heir job.


Forum Posts: 451
Comment #3 by Mr Matty
Thursday, March 29, 2012 @ 03:47:46 AM
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I thought they part owned much of the group already ?
When you say rbs to buy don't you mean the tax payer seeing as they are like 75 percent tax payer owned ?
I would of liked another company with video game knowledge to buy the group.
I just cant get how a bank which failed big time doing money things can run a group that sells video games.
Dazed ?


Forum Posts: 42
Comment #4 by xfaxdantex
Thursday, March 29, 2012 @ 03:49:54 AM
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towns that have a few are lucky, cause i bet u still have 1 open, where i live we have no game, no hmv, only cex and they are worse then game for new tittles, seeing as there 2nd hand and charged for £42, i hope game lives on


Forum Posts: 70
Comment #5 by ADZBOW
Thursday, March 29, 2012 @ 03:53:47 AM
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I hope they survive. I used to work at Game as a manager and it was the most fun i have ever had at work. I think one of their biggest downfalls was scrapping their 10 day return policy and still selling most games at rrp.


Forum Posts: 525
Comment #6 by WonderCaliban
Thursday, March 29, 2012 @ 04:03:14 AM
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RBS. Because they have a recent history of making good investments.


Forum Posts: 104
Comment #7 by 123abc
Thursday, March 29, 2012 @ 04:16:39 AM
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Seriously I want game to go bust, there online website is CRAP and the store prices are so expensive I'm surprised people buy anything from there


Forum Posts: 228
Comment #8 by the action frampton
Thursday, March 29, 2012 @ 04:26:31 AM
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Is what RBS have 'done' even legal? They are such bastards, already bailed out by the tax payer, and we'll never see a penny of it returned.


Forum Posts: 60
Comment #9 by Drazer76
Thursday, March 29, 2012 @ 04:46:26 AM
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Unfortunately yes the way they did it (rumored to have anyway) was completely legal.

Hopefully if they do buy them it won't get screwed up by RBS.
Time will tell.
But a game company probably would have honored preorders, points on cards and gift vouchers as they'd want to keep the customers.
I'm not so sure with RBS.

Whoever buys game if they don't give people their pre order etc back I'll never shop with them. It doesn't affect me, and I got all my friends to return/spend theirs, and I know it's not technically illegal what they'd be doing. But it would still just be a step too far for me, knowing others will have lost out..


Forum Posts: 2985
Comment #10 by Akuza
Thursday, March 29, 2012 @ 04:53:55 AM
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Cool so my bank will be buying them.

Wonder if rbs customers get discount =P


Forum Posts: 256
Comment #11 by Red Cooley
Thursday, March 29, 2012 @ 05:09:19 AM
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Funny considering that RBS is not doing that great anymore.


Forum Posts: 3104
Comment #12 by Bleeding Star
Thursday, March 29, 2012 @ 05:11:07 AM
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@7 what a dick thing to say, if you dont like the prices then fine dont buy there, but to wish so many people out of a job makes you sound like an absolute dick


Forum Posts: 169
Comment #13 by Welsh Rambo
Thursday, March 29, 2012 @ 05:15:29 AM
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In my opinion, it doesn't matter who buys them out or who runs the business. There is very little room for video games on the high street. 9/10 people would prefer to buy online for a lower price and wait a day for delivery. On top of that, we have electronic sales taking over. Steam accounts of a massive amount of PC game sales and as internet speeds increase publishers are going to become more reliant on electronic sales for console games. They can charge what they like with no competition and no middle man taking a cut. As sad as it is to say, video game shops will be a thing of the past before long. Anyone who gets involved with GAME needs their head testing.


Forum Posts: 160
Comment #14 by AltarofPlagues
Thursday, March 29, 2012 @ 05:27:42 AM
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I dont care for game. I care for Gamestation. I dont want gamestation to go down with the ship.


Forum Posts: 61
Comment #15 by B3nJam1n89
Thursday, March 29, 2012 @ 05:44:03 AM
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I hope they do carry on trading for the same reason as #1. Contrary to what people say about their prices, they did offer some fantastic deals on games a month or two after they were released. Some of their preorder incentives were also very nice and the online service for the most part was fantastic, getting games slightly cheaper than instore (or a lot sometimes) and the preorders would arrive a day or two early. I only really noticed awful pricing in their latter stages, games being sold for £42.99 etc.


Forum Posts: 436
Comment #16 by plum
Thursday, March 29, 2012 @ 06:04:02 AM
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@12 I hate people like you who don't read the post correctly,7 he didn't say anything about peoples jobs.I am on the same boat as 7 cause games prices are shocking so I hope they get rid of all games and re open as game station.


Forum Posts: 107
Comment #17 by ThousandLegs01
Thursday, March 29, 2012 @ 06:13:00 AM
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went into Gamestation today and they were all acting like they were the ones who were making Game close =/

They told me that Game had closed because Gamestation had beaten them and I told the guy you do know you're owned by the same company right and he sed thats a lie and a common misconception lol

anyway I hope Game does indeed rise from its own ashes because some of my best friends work for them yes its a shit company but the people who work there are actually pretty cool guys lol [least in my local store anyway]


Forum Posts: 267
Comment #18 by macd
Thursday, March 29, 2012 @ 06:34:32 AM
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Gamestation were better before being bought by GAME imo. However, I'd still rather see them stay afloat. However, I was looking at the list of closures and it really does show how stupidly bloated the company was. There were at least 6 GAME/Gamestation stores in close proximity (10 minute walk at the most from the two furthest apart) where I stay. Including 2 within a relatively small shopping centre. That's a lot of staff and rent that is really not needed.

Anyway, I do hope they get saved.


Forum Posts: 22
Comment #19 by sumthingchronic
Thursday, March 29, 2012 @ 06:46:36 AM
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Smart of rbs but what w*****s for doing so!


Forum Posts: 104
Comment #20 by A 7thProduction
Thursday, March 29, 2012 @ 06:50:45 AM
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I see only one positive thing to this. RBS buy them cheap to sell once the shares hit a higher price and profit which in turn means they can pay off more of their own debt to the taxpayers. Still... It thats what they do its a pretty low move.


Forum Posts: 32
Comment #21 by codyo360
Thursday, March 29, 2012 @ 07:04:22 AM
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Im glad RBS arranged for a better deal, its good to see RBS get some of that money back for the tax payers that bailed them out!


Forum Posts: 460
Comment #22 by GDMFS0AB
Thursday, March 29, 2012 @ 07:32:52 AM
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So when can I use my £120 gift card. Where is my deposit for the stat wars console?

I actually spoke to trading standards and they cannot just take the deposit. Administration or not. Might not get it back in cash but I should be allowed to spend it.

Thank you trading standards.


Forum Posts: 0
Comment #23 by papajimbo
Thursday, March 29, 2012 @ 07:47:03 AM
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..Sodoes this mean are reward cards now have interest rates?


Forum Posts: 463
Comment #24 by francisrossi
Thursday, March 29, 2012 @ 07:57:01 AM
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@13 - I'd say most people would prefer to shop in an actual shop still.


Forum Posts: 460
Comment #25 by GDMFS0AB
Thursday, March 29, 2012 @ 08:15:15 AM
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@23 - That has made my day. Thanks =]

@13 - 24 is correct. A lot of people and in my experience the majority or people like to visit and store. Its the asthetic of choosing and holding your item. Making an I formed choice from staff. The customer service and the store experience that people love.

I work at a rival store to game. I've seen shops close and have heard the opinions of most on shop closures and how it effects the customer.

Online is good, but its notthe same. Never will be


Forum Posts: 60
Comment #26 by Drazer76
Thursday, March 29, 2012 @ 08:39:39 AM
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@22
Trading standards do not take calls or emails from the general public so you won't have spoke to them. It will have been the citizens advice beaurau.

And you can't just easily get it back if they do go completely under, it's a long process you need to apply for the process to start etc.
If a company buys them (like RBS seem to be doing) then they buy their debts, which include the pre orders, though legally not your gift card as it has no cash value (I personally think they'd honour it though), so it would be given back.


Forum Posts: 512
Comment #27 by Arenazombie
Thursday, March 29, 2012 @ 08:41:34 AM
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@12
That is economy, if you have a shitty business model you go down. Bad for people to lose their jobs, but thats the way it goes. Creative destruction. The market for game retailers was way oversaturated judging from peoples comments, with like 3 stores with less than a mile inbetween each other. That can't work out.
Also with the industry wanting to combat used games sales, that is basicly saying: We want to bring GAME, Gamestation, Gamestop and so on out of business.
We're heading towards digital distribution anyway, with more keys, Codes, DLCs, ... so its just a matter of time when all of the game retailers go down. We may have physical media in the next generation but I bet my ass, that we have digital distribution only in the generation after that, so these stores have like a maximum lifespan of about 10 years from now. We have rumours about the next XBOX not being able to play used games, so it might come even earlier. So in the end its better if they go down soon. People have better chances finding a new job while they're still young.


Forum Posts: 0
Comment #28 by sdghjtyk
Thursday, March 29, 2012 @ 09:10:06 AM
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Forum Posts: 104
Comment #29 by A 7thProduction
Thursday, March 29, 2012 @ 12:40:53 PM
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@28 Ohh yeah! Being a male dominated community we really need to know where to buy cheap Chanel handbags!


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