Buyout Secures GAME's FutureOver 300 stores and 1,000 jobs saved in deal.
A rescue bid to save over half of the UK's GAME stores has been approved, reports the BBC. 333 stores will remain open and 3,100 jobs will be secure as part of a buyout by investment group Opcapita, which will be officially announced later today.
According to the report the deal has been signed off by half a dozen banks, including the Royal Bank of Scotland, which is apparently owed ?85m.
GAME went into administration last week and as a result 277 stores were closed and over 2,000 staff axed by administrators Pricewaterhouse Coopers.
Dr Richard Wilson, CEO of UK games industry body TIGA, said: "This is good news for GAME and for UK consumers. This deal should save many jobs and stores and will buy GAME breathing space during which it can develop a new business strategy. GAME has suffered from physical and online competition, the shift from physical to digital games, and the decision by big global publishers not to stock GAME with new releases."
~IGN
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UPDATE:
It's official. GAME has been saved. The mooted rescue bid went through, with Baker Acquisitions - a company backed by OpCapita - being confirmed as the new owner.
"We are pleased to have reached agreement with the Administrator," said OpCapita managing partner Henry Jackson. "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."
It's official. GAME has been saved. The mooted rescue bid went through, with Baker Acquisitions - a company backed by OpCapita - being confirmed as the new owner.
"We are pleased to have reached agreement with the Administrator," said OpCapita managing partner Henry Jackson. "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."
