High street retailer GAME saved by investment firm OpCapita
Rescued from the jaws of defeat
High street retailer GAME, which went into administration last Monday, has been saved thanks to a last-minute £50 million buyout by turn-around investment company OpCapita.
OpCapita has bought 333 GAME stores around the UK and saved around 3,200 jobs. The investment company will also re-employ several senior head office workers who lost their jobs when the administrators took over.
"We strongly believe there is a place on the high street for a video gaming specialist and we have assembled a strong team to implement the programme of operational change needed," Henry Jackson, OpCapita's managing director, said.
"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."
GAME's suppliers, which are owed around £40 million, will receive nothing from this deal.
The Telegraph