Printed from http://www.electronista.com

333 GAME stores snapped up by OpCapita, keep running

updated 05:20 pm EDT, Sun April 1, 2012

GAME gets last minute rescue

UK retailer GAME was partly saved from its fall into administration Sunday after private investment group OpCapita agreed to buy 333 of the stores. The terms of the deal weren't made clear, but are expected to have OpCapita shoulder some of GAME's debt. OpCapita Managing Partner Henry Jackson saw GAME covering a necessary part of the British gaming industry.

"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," he said.

The new owners planned a significant amount of change in the stores to bring them back into profitability. GAME owes six banks a combined £85 million ($136 million) and may have separate debts for staff pay and store rent. About 277 of its stores across the UK had to close almost immediately after the administration.

The chain is has often been considered one of if not the largest game retailers in the UK, but high overhead costs and a change in the industry hurt its chances. Direct game downloads have reduced the need for physical stores, and the shift to smartphone and tablet gaming has been dampening Nintendo and Sony sales. [via BBC]



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Asus Chromebook C300

When Chromebooks hit the market back in 2011, consumers didn't know what to do with them. The low-cost laptops, powered by Google's Ch ...

Plantronics BackBeat Pro Bluetooth headphones

Looking for a pair of headphones that can do everything a user requires is a task that can take some study. Trying to decide on in-ear ...

Lemur BlueDriver

"Oh no, the check engine light is onā€¦again! What one of the hundreds of reasons could it be this time? Probably going to cost a fort ...

Sponsor

toggle

Most Commented

 
toggle

Popular News