British retailer GAME has been saved from administration today, with buyer OpCapita saying that the remaining 333 stores will stay open and nearly 3,200 employees will keep their jobs. Although financial terms of the sale have not been disclosed, Eurogamer is reporting that the buyers paid a nominal fee of £1, while agreeing to take on the £85 million debt faced by the chain.
British retailer GAME sold to private investors, remaining 333 shops will stay open
Struggling British retailer GAME has been purchased by private finance firm OpCapita.
Struggling British retailer GAME has been purchased by private finance firm OpCapita.
GAME announced its entry into administration on March 21st, before closing 277 stores and making 2,104 staff redundant days later. The company also controls the Gamestation brand, and many of the closures were in areas where both GAME and Gamestation stores existed. This is the latest in a line of retail acquisitons for OpCapita, which also took control of UK electronics retailer Comet in February.
Henry Jackson, a managing partner at OpCapita, said that “We strongly believe there is a place on the high street for a video gaming specialist and GAME is the leading brand in a £2.8 billion market in the UK.” The move should also restore some faith in GAME by its suppliers, with its money troubles recently leaving its stores unable to stock any of EA’s recent releases.
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