Scots jobs saved as Game sold out of administration
THE jobs of 270 Scottish workers have been saved after private investment firm Opcapita bought troubl e d computer games retailer Game out of administration.
Opcapita took control of Game’s UK operations, including 35 stores north of the Border, and promised to provide it with the capital it needs to continue trading.
The Herald understands David Hamid, former chief executive of car parts retailer Halfords who is now an operating partner at Opcapi t a , has been appointed executive chairman of Game.
The terms of the sale to the Opcapita’s Baker Acquisitions vehicle have not been disclosed. Before its descent into administration a week ago, Game had 52 stores and a workforce of 402 in Scotland.
Administrator Price- waterhousecoopers last week closed 17 of these outlets, including four in Glasgow and two in Edinburgh, and made 132 employees redundant.
Across the Ukandireland 277 stores closed and 2089 workers laid off. This has left it with 333 stores, employing 2814 people. There are no plans for further store closures, Opcapita said last night.
Game, which also trades under the Gamestation brand, ran into financial problems following a dire Christmas trading season that culminated in some suppliers denying it new stock including new releases such as Mass Effect 3.
Computer games retailers have struggled to cope with competition from online retailers and supermarkets. The group has signalled losses for the year to the end of January are likely to be around £18m.
Mike Jervis, administrator to The Game Group plc and PWC partner, said: “We are delighted to be able to secure this business sale and provide some much needed stability for customers, suppliers and employees alike.”