The future of retailer GAME could be on the verge of being secured.
The Times reports that Comet owner OpCapita has offered to buy out the GAME Group’s lenders, including the complete repayment of all of the chain’s suppliers.
This has since been confirmed to MCV.
This is particularly good news for companies such as Sony which have showed a remarkable level of support to GAME and risk taking a big hit should GAME enter administration.
The paper adds that the company has already warned shareholders that they may be wiped out by the actions the board are considering to keep it afloat. It employs about 6,000 staff in Britain and Ireland and has more than 600 stores."
It is not yet known whether The GAME Group intends to accept the offer that is currently on the table.
GAME’s share price has surged today, and is currently up 70 per cent since trading opened this morning.
Either way, this is tremendous news for GAME and its employees. OpCapita has done a great job of reversing Comet’s fortunes, though it remains to be seen what plans it intends to implement in an effort to reverse GAME’s situation.
It is believed that the sale of Gamestation remains a distinct possibility.
With a firm offer now on the table and talk of interest from parties such as Walmart, the gloom could be about to lift.