Jobs go as Game closure is confirmed

The GAME store on Standishgate

The GAME store on Standishgate

0
Have your say

ELEVEN jobs will be lost as the GAME store confirms its Wigan shop will remain closed.

The Standishgate store is one of 14 in Greater Manchester to close following the computer game firms collapse last week.

Despite the remaining 333 stores being bought up by OpCapita, they confirmed that the Wigan store would remain closed.

Administrators from PwC last week announced that 277 Game stores in the UK were closed with immediate effect.

Other stores in the area which will close include Manchester’s Arndale Centre, Trafford Centre, Stockport, Bury, Bolton, Altincham and Hyde.

OpCapita is a private investment firm specialising in retail.

It has set up a company called Baker Acquisitions to buy the shops.

The buy up of the remaining stores will save 200 Game Group employees.

The financial terms of the transaction have not been announced, but it has been reported that OpCapita will not have had to pay much for the business up front, although it will have taken on a considerable amount of the retailer’s debt.

Game has faced serious cashflow issues over the recent past and was hit by high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.

The chain’s demise follows a string of profit warnings and the failure of nervous suppliers, including Electronic Arts and Nintendo, to go on providing new games.

Henry Jackson, managing partner of OpCapita 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 market in the UK.

“We have assembled a strong team of experienced industry operators to implement the programme of operational change that is needed.

“There is a huge amount to do but we look forward to the challenge of restoring Game’s fortunes in partnership with its employees and suppliers.”