Stock shares of the video game company Game Group fell when it issued a warning that its profits were still on the decline. It admits it might be in trouble with its bank loans.

This was declared and commented up on by CEO Ian Shepherd, who admitted he was “angry” the company had to announce another poor quarter. He insistent that Game Group was still in good shape and that it was in position for a dramatic recovery when the total market improved.

His basic defense was that “the market for video games was just awful.” He pointed out that the game market, including the sale of consoles, was just 60 percent of its peak during the 2008 season.

Ian Shepherd flatly stated, “I don’t think there is a retailer anywhere in the world who has watched their market ride down from 100 to 60 in just three years and not see their profit and loss hit.”

The value of Game Groups Stock fell by a few points over several days, and the company is now worth less than £15m.

Ian Shepherd insisted that video game consumers had chosen to economize, preferring only the largest releases such as Fifa 2012 and Modern Warfare 3. Smaller titled suffered the biggest losses, along with purchases of new consoles and accessories.