UK retail chain GAME saved
by Alice O'Connor, shacknews.com, Apr 2, 2012 6:45AM PDT
Failing video games chain GAME has been saved from outright closure by an investment firm, which is taking on the fraction of UK stores still open after the retailer entered administration last week. Around 3,200 jobs are being saved, and the UK will continue to have a nationwide video games chain.
OpCapita is acquiring GAME UK's assets, including the 333 stores which stayed open through the trouble. A touch under 300 stores will stay closed, then, and almost 3,000 people will be out of work. This isn't OpCapita's first such operation, having picked up failing UK electronics chain Comet last year.
"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 market in the UK," OpCapita managing partner Henry Jackson said in the announcement. "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."
GAME's new CEO is Martyn Gibbs, MCV reports, who had been a regional MD at GAME but left last year. Gibbs was previously the MD of popular chain Gamestation, when it was acquired by GAME in 2007. Hopefully Gibbs can bring some of that Gamestation magic back, as its stores were typically more pleasant and interesting than the bland GAME.
OpCapita is only interested in GAME'S UK arm, so the administrator should still be looking for solutions for its other stores across Europe and Australia.