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GAME to exit administration as early as tomorrow?

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GAME could exit administration as early as tomorrow, after it was revealed that a potential buyer is closing in on a deal.

Sources close to the situation suggest that an RBS-led bank consortium is "incredibly close" to saving the retailer from administration, reports MCV.

GAME store on Oxford Street, London

© PA Images



A deal could be struck as early as Friday, potentially putting an end to further store closures and job losses.

RBS (The Royal Bank of Scotland), which stalled on a bid last week, has previously been linked with a cut price bid for the business while in administration.

The GAME Group has shut the doors of 277 of its 609 shops in the UK and Ireland, laying off around 40% of its workforce - roughly 2,104 employees - after entering administration earlier this week.

GAME CEO Ian Shepherd resigned from his role with immediate effect after administrators PwC (PricewaterhouseCoopers) were appointed to handle any potential sale.

A number of Irish employees have staged sit-in protests over PwC's unwillingness to pay sacked workers owed holiday pay or redundancy money.

GAME Group announced its intentions to file for administration following the firm's delisting from the London Stock Exchange.

The high street retailer's shares plummeted by 90% in 2011, despite £1 billion in annual turnover.

> Everything must go: Is this the death of games retail?

Photo gallery - view pictures from the Modern Warfare 3 launch at GAME below:

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