Happenstance Posted March 29, 2012 Posted March 29, 2012 GAME administration to end tomorrow with RBS as buyer - report The Royal Bank of Scotland will buy GAME out of administration - and it could happen as soon as tomorrow, a new report has declared. UK trade publication MCV heard the news from "multiple sources". RBS, which led GAME's money lending syndicate, had been tipped by national press as the favourite to acquire GAME. But should the report run true, questions will be asked about RBS' rumoured block to a bid made by Comet's parent company OpCapita for GAME last week. GAME entered administration days ago. Administrators PwC shut 277 stores and revealed plans to let go 2014 staff by the end of the week. In Ireland, a sit-in protest was held by GAME staff worried about redundancy pay. Should RBS buy GAME out of administration tomorrow, the business may not necessarily return to life as it once was. The terms of the deal could yet be brutal. http://www.eurogamer.net/articles/2012-03-29-game-administration-to-end-tomorrow-with-rbs-as-buyer-report
Guy Posted March 29, 2012 Posted March 29, 2012 (edited) Even though I come across as very anti-GAME/Gamestation, we all have more to gain (in terms of options) by having them on the highstreet than not... so welcome back, guys! It's a shame this happened before the massive closures. If a solution had presented itself sooner, perhaps less jobs would have been lost. Additionally, with less of a high street presence now, what kind of impact do you think this will have on GAME as an overall brand? Part of their success was saturating every shopping area with stores... but I suppose that was also a large component of their failure. Perhaps a lesson will have been learned and we'll see a brand new, more appreciative GAME from here on? I doubt that, but still... good to know the stores that remain should continue to remain for a little longer. As much as I champion online purchasing, I usually only decide to buy games on release day... and I'm an impatient bastard perfectly suited to high street impulse buying. Of course I could be wrong about the positives of this and it will actually mean even more closures and job cuts... Mrs. Deagle said it best in Gremlins - banks have one purpose in life, to make money. Edited March 29, 2012 by Guy
Jimbob Posted March 29, 2012 Posted March 29, 2012 It does sound like there is light at the end of the tunnel for GAME in this troubling time, hopefully no more job losses will arise from this takeover deal.
Ramar Posted March 29, 2012 Posted March 29, 2012 Just realised the Luton store has closed. Think we've lost both GAME and Gamestation which is pretty daft.
martinist Posted March 29, 2012 Posted March 29, 2012 yeay my local store in Dumfries is still open! I'm a happy Martins
Jimbob Posted March 29, 2012 Posted March 29, 2012 Two of the 3 Cardiff stores remains open. I didn't know there were 3 to begin with, only thought there were 2. They had signs up in-store asking people to stop abusing the staff over the fact reward and gift cards can't be redeemed. I felt sorry for them, someone was having a go at the staff because their gift card wasn't being taken.
Happenstance Posted March 29, 2012 Posted March 29, 2012 Just been in town and my Game is still open but the Gamestation closed, not the way I would have preferred it.
Rummy Posted March 29, 2012 Posted March 29, 2012 GAME administration to end tomorrow with RBS as buyer - report http://www.eurogamer.net/articles/2012-03-29-game-administration-to-end-tomorrow-with-rbs-as-buyer-report I certainly do find this interesting, especially as, as the article points out, they seemed to block the OpCapita bid. Also wasn't RBS one of the banks bailed out by the government? It's broaching into a different subject, but does the money ever come back to where it came from? Do we technically own game? :P
EEVILMURRAY Posted March 29, 2012 Posted March 29, 2012 Based on the article here http://n-europe.com/news.php?nid=16866, it seems (one of) my Nottingham stores is still open, the one I never go to. May have to check it out.
Jimbob Posted March 29, 2012 Posted March 29, 2012 The taxpayers own 84% of RBS. So in a way, the public has put 84% of the bid to take GAME out of administration. Together, we've saved Dyson's job.
Cube Posted March 29, 2012 Posted March 29, 2012 Reward Cards have been activated. Points can only be spent on pre-owned products (but can be earned on anything).
Dcubed Posted March 29, 2012 Posted March 29, 2012 Wow! Surprised that they've been bought out, albeit in a somewhat shady way (Nice of RBS to reject everyone else's offer and then buy them it themselves without having to pay back any debts and with all of those stores closed that they couldn't close otherwise!) We do need a games specialist on the high street, even if they're as crap as GAME. Hopefully this incident will get them to change their ways (bah! Who am I kidding?!)
Wii Posted March 29, 2012 Posted March 29, 2012 At least most of ye have a GAME store still to go to. Here in the Republic of Ireland all the stores are closed. I haven't bought anything from them in a while (because they're a rip-off). The last game bought from them was Metroid: Other M and that was really annoying as I paid full price only for it to drop to €12 around Christmas. One of the few Nintendo games to drop in price so quickly. Still waiting for Donkey Kong Country Returns. But it was always nice to have a look around the store when I was in town.
flameboy Posted March 29, 2012 Author Posted March 29, 2012 I certainly do find this interesting, especially as, as the article points out, they seemed to block the OpCapita bid. Also wasn't RBS one of the banks bailed out by the government? It's broaching into a different subject, but does the money ever come back to where it came from? Do we technically own game? :P Yeah I think there is definitely something to be said for RBS effectively preventing somebody else so they could buy it. As a creditor they are perfectly within their rights to reject offers made to them RE the debt owed to them when a new company tries to take over and restructure the debt. I do think it's pretty shady they did it though to plot their own bid. I'm not sure OpCapita are the perfect answer by any means. I mean quite a few cities I've been to in Comet's are on the outskirts I wonder if they see this as a chance to get on more high streets with like downsized versions of their stores focusing on gadgets like tablets etc...or if they may turn GAME into something like that and not having washing machines etc...It's very hard to get the chance to hit high streets on mass with the large companies having long term leases that they will never let lapse.
Emerald Emblem Posted March 29, 2012 Posted March 29, 2012 Both Game and Gamestation in my town have closed. Here's to actually going to check the GAME store, the list GAME released says it's still open. Which is a relief in a way, can't think of a trip to town and not checking out the Game shops.
Jimbob Posted March 29, 2012 Posted March 29, 2012 Who knows, perhaps they'll finally be able to stock all the titles they've missed out on soon enough. Well, some can hope can't they.
canand Posted March 30, 2012 Posted March 30, 2012 (edited) Cool that's good news if it's true UPDATE: GAME Reward Cards and Gamestation Elite Cards reactivated Administrator PwC has reactivated GAME's Reward Scheme, effective immediately. The retailer has released the following statement: “Your Reward Cards have now been reactivated by the Administrators for redemption against pre-owned stock. “This means that points can be earned on all products AND redeemed against pre-owned items as of now.*This is only applies to Reward Cards only, at present moment.” Gift Cards and Gamestation Elite cards remain suspended for the time being. And note too that for the time being Reward Points can only be redeemed against pre-owned stock, not new titles - expect this to change as soon as the chain's finances are back in order. With MCV revealing this morning that GAME is very close to exiting administration, this news could be the first sign that the retailer is at last being repositioned for life beyond this month’s crisis. MCV is expecting some positive developments in the GAME crisis tomorrow. UPDATE: Gamestation has just announced that Elite Cards have also been reactivated. "Your Elite Cards have now been reactivated by the Administrators for redemption against pre-owned stock," the statement says. "This means that points can be earned on all products AND redeemed against pre-owned items as of now.*This is only applies to Elite Cards only, at present moment." http://www.mcvuk.com/news/read/game-administrators-re-activate-reward-case-use/093583 Edited March 30, 2012 by canand Automerged Doublepost
Jimbob Posted March 30, 2012 Posted March 30, 2012 GAME reward cards were working as of yesterday evening, thats according to a sign i saw in the window of GAME.
flameboy Posted March 30, 2012 Author Posted March 30, 2012 Hilarious pics from the Australian ad campaign I'm not sure what they were trying to portray with these two pictures? Use your reward card get shafted?
Agent Gibbs Posted March 30, 2012 Posted March 30, 2012 A comment about the management being a bunch of dicks?
Happenstance Posted March 31, 2012 Posted March 31, 2012 GAME saved from administration by investment firm OpCapita? GAME has allegedly been saved from administration by a deal with investment firm OpCapita. The Daily Telegraph reports that the deal will ensure the safety of most of its remaining 333 stores, but it is unknown how many of the company's 2,814 employees will keep their jobs. The group entered administration last week after having failed to find a buyer, despite reports that the RBS were mounting a bid. 277 shops were immediately closed and 2,000 jobs were lost. The company is now £85m in debt. OpCapita are known to specialise in investing in and turning around troubled retailers - last year they purchased Comet for the price of £2. The price paid by OpCapita in this instance is unknown, although it is thought likely to have been a nominal amount of £1. A deal to save the group's international arms has apparently not been reached, but potential bidders include HIlco and GameStop. GAME and Gamestation's websites were reactivated yesterday ahead of a possible takeover bid. It is thought that final negotiations are being completed tonight (Saturday 31) and that a deal may be announced as early as Sunday morning. http://www.digitalspy.co.uk/gaming/news/a374220/game-saved-from-administration-by-investment-firm-opcapita.html
flameboy Posted March 31, 2012 Author Posted March 31, 2012 Hmmm I'm getting very dubious about how soon these deals are gonna be wrapped up especially after the report the other day saying RBS were going to complete the purchase within a day. I do feel MCV has fuelled a lot of this without substance and everyone else is simply quoting or rewriting what they report.
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