Failing video game retailer GAME has finally been rescued out of administration thanks to a £1 buyout from OpCapita. In addition, GAME has announced that Martyn Gibbs will serve as the chain’s new CEO.
The investment group OpCapita already owns Comet, another major electronics retailer, and will be working hard to get GAME back on its feet. Fortunately for consumers, the 333 GAME stores will remain open for the time being. Henry Jackson, OpCapita’s managing partner issued the following statement expressing his confidence in the retailer:
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.
There’s no denying that OpCapita has one heck of an uphill battle to climb however, as the investment group is taking on a whole lot of debt. It is also worth noting that this buyout only applies to the UK stores, leaving the rest of the shops under administration. Closed UK stores will likely remain closed.
The newly appointed CEO Martyn Gibbs is optimistic about the future of GAME, feeling confident that he will be able to lead the retailer to new levels of success. He released the following statement (via MCV) regarding the future of the company:
I am delighted to be leading GAME back to success. Our immediate priority is to help the GAME and Gamestation teams, so they can give our customers a great Easter in our stores and websites.