Troubled UK specialist retailer GAME has been bought by Baker Acquisitions, saving 333 outlets and 3,200 jobs.
The sale follows the closure of 277 stores and the loss of 2,104 jobs by administrator PricewaterhouseCoopers in order to reposition GAME as a going concern.
The move brings GAME out of administration. Baker says it will provide the UK’s largest specialist retailer with “the capital it needs to trade on a normalised basis.”
The company added that there are no plans for further store closures. A small number of head office staff that were made redundant last week will be brought back on board.
“We are pleased to have reached agreement with the Administrator,” said OpCapita managing partner Henry Jackson. “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.
“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.”
“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 PricewaterhouseCoopers’ Mike Jarvis. “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.”