GAME sells Spanish and Portuguese stores

Another investment vehicle backed by OpCapita has acquired GAME’s Iberian stores in Spain and Portugal, MCV can reveal.

The buyer is Cherrilux Investments, which like GAME’s UK buyer Baker Acquisitions is a company established by OpCapita for the purpose of the deal.

Furthermore, Cherrilux is described as a sister company” to Baker. It is presumed it will be run independently but with resources being shared behind the scenes.

The deal saves 290 stores and 1,000 jobs across the two countries.

Cherrilux says that it has no plans to close stores at Game Iberia and will continue to run the business as a going concern while evaluating the possible sale of the business”.

The handover from administrators PwC to Cherrilux was completed on Wednesday.