Game Group has been saved by private investment firm OpCapita in a move that will safeguard more than 3, 000 jobs and ensure that the Game and Gamestation brands continue to exist on the high street.
Game's administrators PricewaterhouseCoopers (PwC) closed 277 stores last week, resulting in 2, 104 job losses, but the sale of the group to OpCapita will ensure the remaining 333 UK stores continue to trade as normal.
Nearly 3, 200 staff will keep their jobs as a result, with a small number of staff who were served redundancy notices last week set to regain their jobs at the retailer's head office.
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OpCapita, which has picked up Game Group for £1, specialises in turning around troubled retailers, following on from its recent £2 acquisition of electronics specialist Comet.
Henry Jackson, managing partner at the private equity firm, said: "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.
"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."
These 122 Gamestation Stores Are Still Open For Business
Game has struggled to modernise its business in the face of increasing competition from internet retailers such as Amazon, as well as from the UK's major supermarkets.
The retailer fell out publicly with suppliers at the start of the year after being unable to honour deals. As a result, stores were unable to stock Electronic Arts game
Tesco is ramping up its aggressive moves into the gaming market and last week ran a press campaign positioning itself as the "home of gaming", with claims that the supermarket has the largest number of gaming stores in the UK, alongside more than 10, 000 games available online.Game acquired Gamestation back in 2007 for £74 million but since then the business has run into some difficulties, which put some suppliers off of giving the stores product.
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With the likes of Nintendo, Electronic Arts and Capcom refusing to give the company any games to sell it swiftly went into administration but was bought by OpCapita a week later.
The new branding, according to Game, will roll out September and October and will see 122 Gamestations renamed, which means that there will now be a total of 341 Game stores in the UK.
In a bid to entice punters, Game is also rolling out free Wi-Fi in stores, in partnership with BT, and will be adding tablets and consoles into the stores to offer consumers a 'try before you buy' experience.
Gamestation (uk) Present: The Worst Sale In The World!
Speaking about the new Wi-fi boost, Andy Baker, CEO BT Wi-fi, said: "According to Ofcom 39 per cent of adults now have a smartphone and they're a crucial part of people's shopping habits, especially for gamers.
"We are delighted to add GAME's stores to the four million UK hotspots where our broadband customers already enjoy unlimited BT Wi-fi for free. In store wi-fi will give gamers access to all the information they need to buy there and then."
"For example, the gamestation trade-in proposition, 'We Won't Be Beaten On Trade-In', continues under the new unified brand and likewise the passionate and knowledgeable Gamestation store teams stay with us and continue to provide outstanding support and advice for all gamers."
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Marc Chacksfield is the Editor In Chief, Shortlist.com at DC Thomson. He started out life as a movie writer for numerous (now defunct) magazines and soon found himself online - editing a gaggle of gadget sites, including , Digital Camera World and Tom's Guide UK. At Shortlist you'll find him mostly writing about movies and tech, so no change there then.
With the likes of Nintendo, Electronic Arts and Capcom refusing to give the company any games to sell it swiftly went into administration but was bought by OpCapita a week later.
The new branding, according to Game, will roll out September and October and will see 122 Gamestations renamed, which means that there will now be a total of 341 Game stores in the UK.
In a bid to entice punters, Game is also rolling out free Wi-Fi in stores, in partnership with BT, and will be adding tablets and consoles into the stores to offer consumers a 'try before you buy' experience.
Gamestation (uk) Present: The Worst Sale In The World!
Speaking about the new Wi-fi boost, Andy Baker, CEO BT Wi-fi, said: "According to Ofcom 39 per cent of adults now have a smartphone and they're a crucial part of people's shopping habits, especially for gamers.
"We are delighted to add GAME's stores to the four million UK hotspots where our broadband customers already enjoy unlimited BT Wi-fi for free. In store wi-fi will give gamers access to all the information they need to buy there and then."
"For example, the gamestation trade-in proposition, 'We Won't Be Beaten On Trade-In', continues under the new unified brand and likewise the passionate and knowledgeable Gamestation store teams stay with us and continue to provide outstanding support and advice for all gamers."
Jual Bd Games Kaset Sword Art Online Game Director's Edition Ps4 Di Lapak Aquarius Game Station
Marc Chacksfield is the Editor In Chief, Shortlist.com at DC Thomson. He started out life as a movie writer for numerous (now defunct) magazines and soon found himself online - editing a gaggle of gadget sites, including , Digital Camera World and Tom's Guide UK. At Shortlist you'll find him mostly writing about movies and tech, so no change there then.
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