GAME Saved By Purchase, Nearly 3,200 Jobs Now Safe
Breathe easy, GAME employees.
If European retailer GAME couldn't find an interested buyer, it was almost inevitable that they'd have to shut down eventually. They had already been forced to close over 1/3 of their store locations.
But thankfully, as reported by Eurogamer, Administrator PwC has confirmed that OpCapita has purchased GAME UK. Baker Acquisitions Limited, "an entity advised by private investment company OpCapita," has picked up GAME's assets, and that includes all 333 UK GAME and Gamestation stores that are still open. This officially takes the previously embattled business out of administration, as Baker said they'll provide the capital necessary "to trade on a normalized basis." Hence, nearly 3,200 jobs have been saved.
After paying off £85 million in debt, the purchase price came in at £1. Said OpCapita managing partner Henry Jackson:
"We are pleased to have reached agreement with the Administrator. 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.
We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed. There is a huge amount to do but we look forward to the challenge of restoring GAME's fortunes in partnership with its employees and suppliers."
So we start the week with some good business news. :)
4/1/2012 8:21:08 PM Ben Dutka