Join Date: Jul 2010
Location: XboxMB Server
| | UK Retailer GAME saved - for now...
The investment group, Opcapita, will announce on Sunday it is buying the rump of the troubled Game Group out of administration, the BBC understands.The deal will keep open 333 stores and save 3,100 jobs.Half a dozen banks, led by Royal Bank of Scotland, who are owed £85m, have approved the takeover, says BBC business editor Robert Peston.Last Monday the video game retailer went into administration, with 277 stores closing down immediately.Administrators PricewaterhouseCoopers (PwC) also announced 2,104 staff would be made redundant but the remaining 333 stores were kept open as they searched for a buyer for the business.The retailer had suffered from high fixed costs and an ambitious international expansion.Its business has been hit by competition from online retailers.
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