GAME Is Still Breathing, Saved For Now

So you can all start buying things from them again, assuming you did in the first place. After being on the verge of a complete meltdown following its filing for administration (to the non-tea drinkers, it’s a fancy term for bankruptcy protection), an investment company has come swooping in to save the embattled video game retailer from destruction.

OpCapita, a private investment partnership, ponied up £50 Million ($80.22 Million USD) to acquire the chain and its 333 remaining stores; thus saving an estimated 3,200 annoying sales reps jobs. After rejecting an earlier proposal by OpCapita last month, banks that were holding over £88 Million of debt from the retailer, relented. It is estimated they will lose over half of what they are owed. The supplying companies for GAME, which most likely includes gaming companies, will apparently get nothing of their £40 Million back, with £21 Million of it being rent.

No fire sale in sight it seems. Just be sure to remember that they will not tolerate any violence when you go to visit.

Source:
Financial Times
The Telegraph