Game sells Spanish and Portuguese operations to OpCapita

1,000 jobs saved

| Apr 13, 2012

OpCapita investment vehicle Cherrilux Investments has purchased Game Group's 290 stores in Spain and Portugal saving a total of around 1,000 jobs, it's being reported.

Cherrilux Investments has been formed by OpCapita especially for the Iberian deal - the same strategy the firm utilised to buy Game's UK operations through fellow fresh venture Baker Acquisitions.

Game far from over

Previous administrators PwC handed the business over to Cherrilux on Wednesday 11 April.

Cherrilux says it "has no plans to close stores at Game Iberia and will continue to run the business as a going concern while evaluating the possible sale of the business".

It's believed the business will also be run independently of Game in the UK, though it's suggested the two will share resources behind the scenes.

OpCapita secured the sale of struggling UK retailer in March shortly after it went into administration, closing almost half of its stores and axing 2,100 jobs in the process.

[source: MCV]

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