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It appears to be a day of conflicting newspaper reports, with The Sunday Times reporting that RBS has offered to buy GAME out of administration.
It follows a report in The Express, which says the deal to save GAME has collapsed.
The Sunday Times writes that the state-owned bank is leading a consortium of the firm’s existing banks to buy the entertainment retailer out of administration. However, the suggestion that GAME might merge as a state-owned retailer remains somewhat dubious.
According to the paper, GAME will go into administration tomorrow, allowing it to be restructured. There are three bidders interested in the slimmed-down GAME Group, reports The Sunday Times – RBS, OpCapita and GameStop
The RBS-led consortium wants to roll the existing debt of 85m into a new company of smaller stores.
GAME’s new restructure requires support from suppliers to re-stock the retailer so it can become a profitable ‘phoenix’ company. Restructuring specialist GA Europe is overseeing the restocking.
