GAME will continue life as a staple of British high streets after it was bought for a mere £1 by OpCapita. The remaining 333 stores will stay open
High street retailer GAME will survive as a brand name after finding a buyer to rescue the ailing company from administrators.
The 333 remaining outlets will remain open thanks to its new knight in shining armour, OpCapita, the private investment firm which also bought retail park favourite Comet last February.
Eurogamer reports that OpCapita has snapped up GAME, and the adjoining Gamestation brand, for a mere £1, but has pledged to take on the £85m debt owed to the banks, which forced the company into administration last week.
The initial hit saw the closure of 277 stores and the loss of over 2,000 jobs last week. Many of those came in areas where both GAME and Gamestation stores were located in close vicinity to each other. The deal means that another 3,000 jobs have been saved
With new backers the company may be able to regain some of the momentum lost when EA refused to allow it to stock games like Mass Effect 3 over fears that it couldn't foot the bill.
Henry Jackson, managing partner at OpCapita, 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 £2.8 billion market in the UK."