Struggling Game Group stores bought by OpCapita
Struggling UK retailer Game Group has found a buyer for its 333 stores after going into administration last month, saving over 3,000 jobs at the company.
The buyout ends a rough couple of months for Game, which first saw big-name publishers such as Electronic Arts revealing that they would not be supplying the chain
with high-profile games at launch, due to the company's credit issues.
Game was then forced to enter administration
after it could not raise enough to pay rent and wage bills. Soon afterwards, the company's CEO Ian Shepherd left
amid the turmoil.
Private investment firm OpCapita has now bought
all of Game's 333 stores, according to the BBC, and is also planning to re-employ some of the staff who were previously made redundant as part of the recent troubles.
OpCapita has set up a new company called Baker Acquisitions to buy all the Game shops, although the exact financial terms of the agreement have not yet been disclosed. The company has also not yet revealed how it plans to tackle the credit issues of these stores.
Henry Jackson, managing partner at OpCapita, explained, "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 ($4.5 million) market in the UK."