For some time now we have been hearing how the Euro game store (like GameStop) aptly named GAME was in trouble. They have been shutting down stores and firing hundreds of people earlier this year. The best outcome would be for someone to buy the failing retail chain and try and save it and the jobs it provides, well that’s just what happened.
Investment company OpCapita’s Baker Acquisitions Unlimited has purchased GAME halting the closing of stores and saving 3200 jobs and the remaining 333 stores from what looked like the end of GAME. Prior to the sale GAME had closed close to 300 stores and fired 40% of its employees and was in the process of declaring bankruptcy.
The investment company will provide GAME with “the capital it needs to trade on a normalized basis”and plans to rehire some of the staff from the head office that was fired as part of the closures and entering bankruptcy. All said and done the sale of game was actually for about £1, after paying off an £85 million debt. Hopefully the failing retail chain is safe for now but only time will tell.
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