April 2nd, 2012

No more GAME store Closures – Confirmed

Now that it’s been confirmed that Comet owner OpCapita has together with Baker Acquisitions bought up the remaining UK branches of GAME, the new owners have made it clear that no more stores will be closing, all remaining jobs are safe and some of the headquarters office staff could be rehired.

“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,” commented Henry Jackson, MD of OpCapita.

“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.”

This move by OpCapita is thought to have cost the firm as little as £1 – the same deal it had when it bought the other troubled retailer, Comet. Finances aside though, 3,100 jobs and 333 outlets have been save in total.

Still this is only for the UK arm of the business, how the overseas stores will fare is still up in the are.

“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 Mike Jervis of administrator PwC. “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.”

Source: Games Industry

 

Industry