The new owner of beleaguered retailer GAME has confirmed there will be no more store closures as it provides capital to the business to trade "on a normalised basis."
Baker Acquisitions, advised by OpCapita, has bought all the UK assets of GAME, and will keep 333 stores open, safeguarding almost 3,200 jobs. It also hopes to re-employ a small number of 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."
Getting suppliers on board with the new business will be a top priority after publishers such as Electronic Arts, Activision and Ubisoft began pulling games from shelves at the start of this year. Saddled with debt, the publisher spiralled into administration last week, sacking over 2,100 staff and closing 277 stores.
"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."