This has been a quick time coming — Game, the UK games retailer, slipped into a downward spiral early this year, and since the first public announcement of its money troubles in February, Game has closed almost 300 stores, stopped stocking major titles, cut 40 percent of its workforce and entered “administration,” the equivalent of filing for bankruptcy.
The best outcome of these events would be for someone to step in and buy Game outright — which is exactly what happened. Private investment company OpCapita’s Baker Acquisitions Unlimited has purchased Game, bringing it out of administration and saving 3,200 jobs across a remaining 333 stores and administrative positions, Eurogamer reports.
Baker will provide Game with “the capital it needs to trade on a normalised basis” and will re-hire a small number of people fired from the Game head office last week. There are no plans to close more stores in the future, Baker said.
Game may have been bought for £1, after paying off an £85 million debt to Game’s lenders, Eurogamer said.
Investment company buys Game, halting closures, firings, bankruptcy originally appeared on Joystiq on Sun, 01 Apr 2012 20:00:00 EST. Please see our terms for use of feeds.
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