Opcapita have announced over the weekend that its has taken over a substantial amount of GAME Group.
The deal will see 333 stores remain open and safeguard over 3,000 jobs, although sadly they couldn’t save the 2,104 employees who lost their jobs when GAME entered administration and 277 closed down last week.
The deal however is only for GAME’s UK business and the oversea stores still remain in limbo, with rumours that American giant GameStop my still buy these out.
Opcapita announced that a new management team would be in place by today and that talks are already underway that would allow the behemoth titles such as Mass Effect 3 back into GAME stores.
Chief executive of games industry trade association Tiga Richard Wilson, welcomed the deal but said Game would have to develop its online business to survive.
“It’s important for the company to change to consumer spending habits, and it’s really vital that Game also appeals to video game developers. Many video game developers in the UK are of course selling online as well. Game is going to have to change its strategy but that doesn’t mean it’s impossible, and the fact that Game has got this new backing behind it, this new management, I think that’s all for the good.”
OpCapita managing partner Henry Jackson also said:
“We are pleased to have reached agreement with the Administrator. We strongly believe there is a place on the high street for a video gaming specialist and GAME is the leading brand in a £2.8bn 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.”
PwC’s Mike Jervis also said:
“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. 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.”