OpCapita, RBS, and GameStop in the bidding for Game - Report

Group could exit administration as early as tomorrow, reports indicate; reward cards reactivated, but only for use buying pre-owned stock.

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Reports suggest that OpCapita, the private investment firm that recently bought UK electrical-goods merchant Comet, has submitted another bid for troubled UK-based specialist retailer Game. OpCapita initially made a bid for Game before the UK retailer entered administration, but that bid was rejected by the lending syndicate led by the Royal Bank of Scotland.

Reward cards have been reactivated.

After Game failed to pay its £21 million second-quarter rent bill, PricewaterhouseCoopers was introduced and appointed administrator on Monday. The firm had previously announced its intention to call in administrators after its shares were suspended from the London Stock Exchange last week. PricewaterhouseCoopers closed 277 of the group's 610 UK stores, resulting in more than 2,000 redundancies. OpCapita is now bidding for the remaining 333 stores.

Should OpCapita's bid fail a second time, Game may still end its administration in short order, MCV reports. An RBS-led syndicate is reportedly hoping to buy parts of Game's business and appoint a management team to run the retailer until it can be sold on to allow the bank to recoup some of its credit line. It is being reported that another bid has come from GameStop, which has targeted Game's operations in Spain, Portugal, and the Czech Republic.

One piece of good news for consumers is that the administrators have taken the unusual step of unfreezing Game reward cards. The firm's official Twitter account said, "Reward Cards have now been reactivated by the Administrators for redemption against pre-owned stock." A further post indicated that gift cards may soon be activated as well, but no time frame was given for the latter change.

Discussion

22 comments
Anigmar
Anigmar

Game's fall has two only real consequences. First and most importantly a lot of people losing their jobs, and in the current financial situation that's a tragedy more than ever. Second, for Europe's customers is one less big retailer to choose from. Sure, Game wasn't the best in services but I don't want GameStop douchy ways at all. Aside from these two main points, all the economical/business/legal data from these news is meaningless to me.

Magnaxilorius
Magnaxilorius

Oh, I failed to mention less than 20 hours a week. And in some cases, less than 10...

Magnaxilorius
Magnaxilorius

@Agent-M Gamestop does suck. And I can personally say that the lack-luster customer service comes from hires that are still in school, in some form, and only get paid $9 or less per hour. Not only is Gamestop a terrible retailer, they are also terrible to work for. Should a greedy man be given more bread than he pays for? NO.

Agent-M
Agent-M

Gamestop sucks. They have an awful turn-in rate for used games, they sell extremely damaged used games, their PC selection sucks, and their customer service is lack-luster.I wish we could get a new retailer around here that had higher standers as to what condition games could be traded-in and showed genuine concern for their customers - even if it was fake.

nate1222
nate1222

Well, no matter who "saves" them, it's still gonna be corporate imperialism. Europe doesn't have it much better than the states these days.

Megavideogamer
Megavideogamer

Hopefully the UK's will not get Gamestop to "Save Them" Europe will be doomed if that happens.

mustained13
mustained13

None of this matters until we hear what Minecraft guy has to say about it.

warhawk-geeby
warhawk-geeby

Well... I hated GAME as it was, and from everything I've heard about Gamestop they're no better.. Independent game stores for me! They're actually decent :)

pszone
pszone

@Zingoe1 I spoke to game store and it doent look gd soz to say. comet owner not fit to run the stores ,2nd Gamespot only instested in the euope ones not the uk ones im afraid.;[

pszone
pszone

Know this true what could set happen. First of game and gamestation might end up bankrupht since gamespot has no instested taken it over in uk. Plus Less copies of new games for sale what could end up a game over retial in the uk. Our Goverment to blame dead End ;[ Plus couldnt fet my hd collection of silent hill since uk has no copies to sale. Rage Racer not a lot copies for sale either. Dead End buying new games with disc GAMEOVER.

ssorrekrab
ssorrekrab

Game had a lot of problems maybe a new owner / direction would help. Terrible for those who lost their jobs. 2000 not good at all :(

lurkyuk
lurkyuk

They absolutely have to change their pricing if they come back. I don't buy from there because brand new games always cost £5 more then from play.com. Second hand copies of new games cost £40, the same as buying new from play/amazon. Buying second hand games a month or two after release still cost more then buying BRAND NEW from amazon/play. I can't sell games to them because they give you next to nothing so I have to use ebay. They have offered me 20p (!) for Pro Evo Soccer which I got about £5 on ebay and £1 for Alan Wake which they were selling in the same shop for £15 second hand. It also doesn't help that there are 2 GAMEs and 1 Gamestation within 4 minutes of each other.

Phil-teh-Pirate
Phil-teh-Pirate

Why is gamestop so scared of setting up in mainland UK I wonder.They would be unrivaled at the moment.

SomePlayaDude
SomePlayaDude

Oh if they would only spare Gamestation. I bought a lot of used stuff there that are cheap, most notably a used Forza 4 Limited Edition for 20 pounds which i got last year. That's a steal. A FREAKING STEAL!! And as far as i know, GAME doesn't do that sort of steals (maybe except for games released after 1 year and earlier)

Zingoe1
Zingoe1

I just want to know if my job is safe or not =/ Already survived one lot of savage costs and lost a lot of friends along the way. Madness

chuckchoder
chuckchoder

Heaven help Europe if Gamestop takes charge

Carpetfluff
Carpetfluff

Bit late to the party with this news as it broke first thing this morning but it's nice there's some hope in sight - too late for the 2000 poor souls who were dumped into the street over the last week though. Also, makes you wonder if RBS blocked OpCapita's initial rescue plan because they were eyeing it up themselves. If RBS get it, that means the government will own 84% and if they get into more trouble the tax payers will end up bailing them out.

pszone
pszone

I be glad if gamespot be taken over and realse them cheap as well. So i be glad and pp should be glad because wont be game over and ya gamespot be better than person own comet . Gamespot gamespot. But if they comet buyer take over high price for games and comet still not doing great still.

DanielL5583
DanielL5583

Oh, well it looks like Game could still be brought back from ruin, out of many people's surprise.