A deal was struck on Sunday to save British video games retailer GAME, which was taken into administration Monday, and preserve nearly 3,200 jobs.
OpCapita, which specialises in turning around ailing High Street stores, has bought 333 shops for an undisclosed fee, administrators PricewaterhouseCoopers (PwC) said.
It is believed the turn-around investment firm paid a nominal fee of £1 ($1.6, 1.3 euros) for the assets, but the actual cost will be in taking over the company’s £85 million debts.
PwC last week was appointed as joint administrators of the group’s UK and Ireland operations, which has 609 stores under the GAME and Gamestation brands and employs a total of 5,521 people.
“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,” said Henry Jackson, managing partner 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.”…
Read More @ AFP: 3,200 jobs saved in deal for Britain’s GAME.