GAME Exits Administration
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Monday, April 02, 2012 @ 05:47 AM
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Monday, April 02, 2012
After a bit of flirting, OpCapita got its man. Administrator PwC has confirmed that the Comet owner has bought GAME UK.
Well, more specifically Baker Acquisitions Limited bought GAME UK, but advisors OpCapita pull the strings. The news means that all of GAME's UK assets, including the 333 GAME and Gamestation stores that are currently open, will remain so.
Now out of administration, GAME will be provided with the money it needs to "trade on a normalised basis" with nearly 3200 jobs saved, according to Baker Acquisitions. There are no plans for any further store closures.
In addition to this, Baker will also seek to re-employ a "small number" of staff made redundant from GAME's head office last week.
Although the exact terms of the deal were not revealed, it is thought that GAME UK was purchased for just £1. That may seem like nothing, but any buyer has to take on the company's debts, no less than £85 million, hence the cheap price.
Still though, it's odd to think that the next game you buy at GAME could cost up to fifty times the price of the company itself.
In the cold, hard terms of an administrator, PwC partner Mike Jervis said, "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."
Hurrah!