THE BUZZ: Investment group Opcapita has confirmed the purchase of a large portion of Game Group, saving it from administration.
A consortium of banks who are owed around £85 by the firm has agreed the takeover which will save 333 stores and around 3100 jobs. The firm previously bought loss-making electrical chain Comet for just £2.
Opcapita has paid a nominal fee to acquire the chain, however they have only purchased U.K. stores, all overseas operations remain in trouble.
Talks are already underway with publishers to secure games in stores once again.
EGM’s TAKE: This is fantastic news for the company and is probably the best result employees could have hoped for given the circumstances. Opcapita will continue to run the stores as they are, but hopefully they will make a few changes to make them slightly more competitive in this changing market. Otherwise they will simple end up back in administration in a few years. Nobody wants to see people being made unemployed, however GAME needed a wake-up call and this certainly served as one.