GAME came out of administration over the weekend with a new owner, and a former managing director has returned to run the company, according to GamesIndustry International. The new owner is Baker Acquisitions, who were advised by OpCapita. The firm has bought all the UK assets of GAME, and will keep 333 stores open, saving nearly 3,200 jobs. The company hopes to re-employ a small number of the head office staff.
"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," commented Henry Jackson, MD of 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."
One of the first orders of business will be getting suppliers back on board so that the retailer can resume business.
"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," added Mike Jervis of administrator PwC. "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," he added.
Former GAME managing director Martyn Gibbs has also returned as its chief executive.
Gibbs left the company in 2011 after serving as MD in 2010 and several senior positions at Gamestation prior to that. He will be joined by David Hamid as chairman.
"I am delighted to be leading GAME back to success," said Gibbs. "Our immediate priority is to help the GAME and Gamestation teams, so they can give our customers a great Easter in our stores and websites."
Source: GamesIndustry International