MCV/DEVELOP News, events, research and jobs from the games industry
Thousands of former employees at collapsed retailer have been awarded damages by an employment tribunal. Over 2,000 ex-Comet staff filed a suit against Comet and administrators Deloitte alleging that they were not properly consulted prior to its closure in 2012. In total it was ruled that 6,889 workers were mistreated, …
Read More »OpCapita to pocket £70m from Comet collapse – report
The controversy surrounding the collapse GAME-owner OpCapita’s now-defunct retailer Comet has erupted once again. The Financial Times reports that OpCapita’s acquisition vehicle HAL will receive in the region of 70m as a result of Comet’s administration and subsequent liquidation – a fact that if true is likely to once again …
Read More »UPDATED: GAME paid fees of £3.2m in months following buyout; New stores planned
The new-look Game Retail was forced to pay owners OpCapita a significant sum in the months following its buyout despite continuing to post a loss. The Telegraphreports that GAME posted a loss of 18.2m in the four months following its buyout last April – but in the same period still …
Read More »Vince Cable to investigate OpCapita’s handling of Comet collapse
The Business Secretary Vince Cable has launched an investigation of the circumstances surrounding OpCapita’s acquisition of Comet and the chain’s subsequent collapse. The decision comes amidst growing unease about OpCapita owner Henry Jackson who will reportedly pocket some 50m as Comet prepares to close its doors today. Other reports claim …
Read More »The end comes for Comet as all stores prepare to close doors tomorrow
Administrator Deloitte has confirmed that all remaining Comet stores will close their doors tomorrow (December 18th). Many closed for good over the weekend. The move will result in the loss of some 6,600 jobs just days before Christmas. 2.1m in holiday and back pay will be paid to employees. It …
Read More »GAME boss Gibbs backs owner OpCapita; Chain on track to make £20m this FY
Martyn Gibbs has publicly backed Game Retail owners OpCapita following the collapse of Comet. The electricals retailer – also owned by OpCapita – fell into administration at the start of the month, leading to some asking fresh questions of its stewardship of GAME. But CEO Gibbs has in an interview …
Read More »GAME could close "handful" of extra stores; New openings also planned
Retailer Game Retail has confirmed to MCV that a small number of additional store closures are likely to be announced in the near future. In addition, it also seems likely that some brand new stores will also be opening their doors – sometimes in the same town. We are currently …
Read More »Baker becomes Game Retail Limited
Game Retail Limited is the UK’s new leading High Street video games retailer. It’s the new permanent name for the Baker Acquisitions Limited, the OpCapita owned company that acquired the UK assets of GAME Group’s UK operations on April 1st. GAME Group Limited remains in administration, with administrator PwC in …
Read More »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” …
Read More »Martyn Gibbs is new GAME CEO
Martyn Gibbs has returned to GAME as the firm’s new CEO. Gibbs is a popular figure in the trade. He was MD of Gamestation when GAME swooped for the chain in 2007. He has been a key voice at the firm, even announcing the upcoming Gamefest at last year’s video …
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