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Home News GAME Retailer Saved At The Last Minute

GAMING NEWS

GAME Retailer Saved At The Last Minute

Posted on Monday, April 2 @ 08:05:38 Eastern by Keri_Honea

Things have been looking very grim indeed for European retailer GAME over the last few months, all of which culminated in the GAME Group announcing that they will enter administration. However, a white knight has appeared to save the day for GAME. GAME closed 277 stores last week, and a private investment firm, OpCapita, purchased the remaining 333 for a measly £1 ($1.60 USD). In addition, OpCapita promises to provide GAME with "the capital it needs to trade on a normalized basis."

As a result, 3,200 GAME employees will keep their jobs. Most of the head office staff who lost their jobs earlier could be re-employed. However, the 277 stores that GAME closed last week will remain closed.

Henry Jackson, OpCapita's managing partner, is quite confident that this is not the end of GAME.

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.

Time will tell if it will indeed turn around, but here's hoping that it will. And while they're at it, hopefully they can smooth over GAME's relationship with EA, Ubisoft, and Nintendo.

[Source]
Tags:   GAME retailer


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Comments
  • tinymhg
    tinymhg
    Joined: Jun 2011
    Posted: Apr 2nd, 2012 at 10:17 am
    The only thing that will smooth over thier relationship with EA, Ubisoft, and Nintendo is $$$$
    0 0
  • danielrbischoff
    danielrbischoff
    Joined: Nov 2009
    Posted: Apr 2nd, 2012 at 10:50 am
    I don't really see GAME bouncing back from this. It's a slow ride into the bankrupt sunset from here. Or maybe the online-only retailer model.
    0 0
  • MarkyBee
    MarkyBee
    Joined: Mar 2007
    Posted: Apr 2nd, 2012 at 4:25 pm
    They've been around ages, have a strong brand and good rep with consumers and that's worth saving in what is currently the most lucrative media market today (with videogames now outselling every other kind of media on a profit basis). I've got a feeling EA may be in on the administration deal - imagine, EA secretly buying GAME stores? End of Speculation :)
    0 0
  • dirty_f
    dirty_f
    Joined: Nov 2010
    Posted: Apr 2nd, 2012 at 5:54 pm
    Maybe it's my complete ignorance on the subject of Business and Sales, but i don't understand how the shops in the UK were struggling so much when the GAME stores in australia were doing fine. They are owned by the same company. They also sold Mass Effect 3. Walked passed the shope n they had posters for it everywhere, and the actual game upon release.
    0 0
  • Sebastian_Moss
    Sebastian_Moss
    Joined: Apr 2011
    Posted: Apr 2nd, 2012 at 8:34 pm
    Weird. Did they also overcrowd in Australia? We had way too many GAMEs in the same area, eating up the sales of each other
    0 0
  • dirty_f
    dirty_f
    Joined: Nov 2010
    Posted: Apr 3rd, 2012 at 2:32 am
    no, only seen 2 around the place. but we have 2 other stores, EBGames and JB-HIFI which are more popular and cheaper. often in the same mall as well.
    0 0

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