GAME is saved as deal is agreed

A deal has been agreed that has tonight seen GAME exit administration, MCV believes.

Former front-runner turned write-off OpCapita has in a surprise development emerged as the victor, with its re-jigged offer for the trimmed-down GAME offsetting the doubts that saw its original approach shunned by lenders.

OpCapita has reportedly paid a nominal fee to acquire the chain.

However, the rescue deal applies only to the UK business – GAME’s overseas operations remain in trouble and remain up for sale, with Hilco and GameStop supposedly still in the hunt to grab certain territories.

OpCapita has already engaged in discussions with UK suppliers, having identified this as a key element in quickly getting GAME and Gamestation stores back up to speed with the market. It is not known whether supply agreements have been reached with every supplier, though some parties are understood to already be officially back on board.

A new management team will also be put in place first thing tomorrow.

It also seems that the deal will safeguard all of GAME’s remaining 333 stores and 2,814 UK staff – for the time being at least, though stores that have closed this week will not be re-opened.

An official announcement will be made tomorrow.