Mon, Apr 02, 2012 | 08:35 BST
GAME sale confirmed, no more stores will close
UK retailer GAME has been bought, it’s been confirmed, with Baker Acquisitions, a company advised by Comet owner OpCapita, stepping in to save 333 stores and 3,100 jobs.
GAME has been saved, it’s been confirmed, with Baker Acquisitions – a company backed by OpCapita, the new owner.
No more stores will be closed.
“We are pleased to have reached agreement with the Administrator,” OpCapita managing partner Henry Jackson said. “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.”
BBC business editor Robert Peston said a deal had been approved by “half a dozen banks” who are owed £85 million in debt by GAME Group, including the Royal Bank of Scotland. It’s thought its bought its assets out for £1 when not including the debt.
OpCapita, who was reported to have placed a second bid earlier this week following a first tabled offer was rejected, bought UK electronics retailer Comet last year for £2.
It was reported earlier in the week an RBS-backed consortium was in the running to take over the chain.
GAME entered administration last Monday at the loss of 277 GAME and GameStation stores and 2,104 jobs – including the entire shutdown of its operations in the Republic of Ireland.