An investment capital firm is to buy a large part of the GAME Group, saving it from administration and rescuing 333 shops along with 3,100 jobs.
Last Monday it was looking like GAME over, as the troubled retailer went into administration, but now it's been granted an extra life. The investment group OpCapita will announce later today it's the one buying a large part of the retailer, the BBC reports.
And the banks have given the deal the thumbs-up too. Half a dozen banks, including the Royal Bank of Scotland, who are owed £85m, have okayed the takeover deal. Last week we brought you, as well as 2,104 redundancies, and there's no change there unfortunately, as OpCapita has only bought part of the business. But the remaining 3,100 jobs will be safe.
Cheaper games online are largely to blame for Game's fall from grace, with many of you pointing in the comments to high prices on the high streets. Services likecan't have helped either. GAME also had high fixed costs and tried an ambitious expansion plan abroad.
GAME may have been saved, but it still has its work cut out to stay alive. Richard Wilson, chief executive of games industry trade association Tiga, told the BBC that GAME needs to expand online and appeal to games developers to prosper. "GAME is going to have to change its strategy but that doesn't mean it's impossible," he said, "and the fact that GAME has got this new backing behind it, this new management, I think that's all for the good."
What do you make of GAME being saved? And what does it have to do to compete with online? It's been years since I went into a GAME, but judging from your responses, it could do with lowering its prices for a start. Let me know what you think in the comments, or on our Facebook page.