GAME's administrators have announced that the 333 stores still open have been sold to OpCapita. The Comet owners set up a company called Baker Acquisitions Ltd. back in November 2011, with Baker buying the UK arm of the GAME Group out of administration, safeguarding nearly 3,200 jobs.
The BBC reported yesterday that OpCapita's bid had been approved by a consortium of six banks, led by the Royal Bank of Scotland.
"We strongly believe there is a place on the high street for a video gaming specialist and Game is the leading brand in a £2.8bn market in the UK," said Henry Jackson, managing partner at OpCapita.
"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."
Administrators took control of the GAME Group's operations on Monday, with 277 GAME and Gamestation stores shut quickly, and job losses of over 2,100 staff. However, it does look like there's light at the end of the tunnel.
"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. The support of these stakeholders has been crucial over the last week and I would like to thank them for their support throughout this difficult period.
"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."
It's not all good news, though. With Baker not responsible for the earlier job losses, those seeking financial compensation will have a much harder time of things. Furthermore, investors in the GAME Group will have to hope that international sales can help them recoup some of their money, with the UK business now in the hands of Baker.
The GAME Group's non-UK operations are still very much up for sale. [MCV]