Monday, 02 April 2012 08:45
The Game retailer's assets have been sold to Baker Acquisitions Limited, an entity advised by OpCapita.
The sale of The Game Group plc (LON:GMG) assets to Baker Acquisitions Limited, an entity advised by OpCapita LLP, means that the jobs of nearly 3,200 GAME employees, who will transfer to Baker, have been safeguarded. Baker Acquisitions will also seek to re-employ a small number of staff who previously worked at GAME’s head office but who received redundancy notices last week. There are no plans for any further store closures.
Furthermore, under the terms of the transaction, Baker will acquire the UK business out of administration and will provide it with the capital it needs to trade on a normalised basis. It will acquire all 333 UK stores that have remained open during the period of administration.
Commenting on the agreement, Henry Jackson, Managing Partner of OpCapita said: "We are pleased to have reached agreement with the Administrator. 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. 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."
Mike Jervis, Administrator to The GAME Group plc and PwC partner added: "We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike in these uncertain times. 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."
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