Video games seller Game Group’s British stores have been sold to investment firm OpCapita, safeguarding nearly 3,200 jobs in Britain, the collapsed retailer’s administrator PricewaterhouseCoopers announced yesterday.
The private equity firm, which bought electrical goods retailer Comet last year, will buy all 333 of Game’s British shops that have remained open during its administration. It will also seek to re-employ a small number of staff who worked at Game’s head office but received redundancy notices last week.
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 pound market in the UK.
“We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed.”
Game Group collapsed into administration on March 26th, with the immediate closure of 277 of its stores in Britain and Ireland and 2,104 staff made redundant. The rescue deal agreed on Sunday does not include Game’s international assets.
The value of the deal was not disclosed.
OpCapita had previously been linked with Game but agreement could not be reached with Game’s bankers, including Royal Bank of Scotland, which are owed £60 million. – (Reuters)
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