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Buyer found for troubled video game group
5:30pm Monday 2nd April 2012 in Brierley Hill
A BUYER has been found for the troubled video game group which owns GAME and Gamestation, saving seven jobs in Stourbridge and thousands across the UK.
Baker Acquisitions has signed a deal to aqcuire the UK business out of administration and provide it with the capital it needs to trade on a normal basis - administrators PwC and private investment firm OpCapita LLP announced today (Monday).
Under the deal, Baker will acquire all 333 UK stores that have remained open during the period of administration - saving the jobs of nearly 3,200 GAME employees including seven at the Stourbridge Gamestation outlet and seven at the store in Dudley’s Churchill Precinct.
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 in these uncertain times.
“The support of these stakeholders has been crucial over the last week and I would like to thank them for their support throughout this difficult period.
"This means the GAME brand will not be another one of the retail names disappearing from the high street in the current difficult climate.”
There will be no further store closures as a result of the deal, although 2,089 people have already lost their jobs across the company including nine staff based at Merry Hill and seven at Halesowen both of which shut up shop last week.