Ian Shepherd, the CEO of retailer GAME, has resigned from his role.
“I’ve said a number of times that the administrator, once appointed, takes charge of the business,” an internal GAME memo reads.
“Having two people try to do that is both confusing and a waste of money. With that in mind, I’ve agreed with Mike that I will step down as CEO and the business immediately – this is my final email to you all.”
Shepherd also warned of big changes in the short term, including store closures.
“I’m sad to confirm that no deal has been done, and so I have signed the necessary paperwork this morning to allow the appointment of administrators,” he added. “The process has been finalised, and so Mike Jarvis from PwC takes charge immediately.
“He will have a lot to do very quickly. Let’s be clear, he will certainly make big changes, both to the store estate and in the office, but will be doing so with a view to creating a trading business that he can attract a buyer for.
“As I’ve said before, the business is worth more trading than not. It’s going to be a difficult week for everyone, but the best thing you can all do is support Mike and his team, and do your best to help create the most positive outcome you can.
“Mike will be communicating more with all of you today, both face to face where possible and by email, so watch out for that.”