Reuters: Bankruptcy News: Retailer Game's UK stores rescued by Comet owner

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Retailer Game's UK stores rescued by Comet owner Apr 1st 2012, 15:57 Sun Apr 1, 2012 11:57am EDT * Comet-owner OpCapita buys troubled firm's British stores * Deal saves nearly 3,200 jobs LONDON, April 1 (Reuters) - Video games seller Game Group's British stores were sold to investment firm OpCapita on Sunday, safeguarding nearly 3,200 jobs, the collapsed retailer's administrator PricewaterhouseCoopers (PwC) said. The private equity firm, which bought electrical goods retailer Comet last year, will buy all 333 of Game's British shops that have remained open during its administration. It will also seek to re-employ a small number of staff who previously worked at Game's head office but received redundancy notices last week, it said in a joint statement with PwC. OpCapita managing partner 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 2.8 billion pound ($4.5 billion) market in the UK. "We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed." Game Group collapsed into administration on March 26, with the immediate closure of 277 of its stores in Britain and Ireland and 2,104 staff made redundant. The rescue deal agreed on Sunday does not include Game's international assets, PwC said. It did not disclose the value of the deal. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions