to join the CVG community. Not a member yet? Join now!
CVG
News

GAME: 'No more stores to close,' says new owner

"GAME brand will not be another one of the retail names disappearing"

GAME has officially announced it is no longer in administration, thanks to Comet owners OpCapita, which confirmed it's to buy a large portion of the troubled retailer.

Zoom

The investment group has arranged the sale of a large portion of GAME's UK assets to Baker Acquisitions Limited, which will provide the resources needed to allow the specialist retailer to resume trading as normal.

The deal also means 333 UK stores and 3,200 GAME employees are secure, ruling out any future store closures or job losses.

However, MCV reports that Baker isn't responsible for former employees that lost their jobs under GAME Group, which could make their campaigns for unpaid notice and redundancy pay very difficult.

GAME is also still suspended on the stock exchange, which means investors will have to rely on the sale of the international business to recoup their invesments.

"We are pleased to have reached agreement with the Administrator," OpCapita managing partner Henry Jackson stated. "We strongly believe there is a place on the high street for a video gaming specialist and GAME is the leading brand in a £2.8bn 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."

"We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike in these uncertain times," added PwC's Mike Jervis. "The support of these stakeholders has been crucial over the last week and I would like to thank them for their support throughout this difficult period."

"This means that the GAME brand will not be another one of the retail names disappearing from the high street in the current difficult climate."

Comments