UK Retailer Game Rescued By Comet Owner OpCapita

Game has been rescued from administration by investment firm OpCapita.

The UK's largest specialist video games retailer had gone into administration a week before the buyout, which safeguarded around 3,200 jobs.

OpCapita, a turnaround specialist that also purchased the Comet electrical chain earlier this year, has purchased all 333 stores which survived the initial round of closures.

OpCapita claims there are no plans for any further store closures, while announcing it would look to re-employ a small number of staff members who received redundancy notices when the company collapsed into administration.

A statement released on behalf of OpCapita founder Henry Jackson 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 £2.8bn market in the UK.

"We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed.

"There is a huge amount to do, but we look forward to the challenge of restoring Game's fortunes."

The rescue package does not include Game's international assets, while the value of the deal was not announced.

Game group collapsed on March 26, closing 277 of its stores and making 2,104 staff redundant. It is understood that mounting costs, coupled with major overseas expansion left the group unable to pay its £21m rent.