BarrysWorld saved by EB
Electronics Boutique has saved UK online gaming site BarrysWorld with a buyout deal worth £400,000.
BarrysWorld announced it had run out of cash last month after venture capitalist 3i pulled funding for the business - the site was not due to break even until 2002, and the state of the market made 3i lose its nerve.
Electronics Boutique, which owns 300 shops in the UK, signed the agreement at 11pm last night.
It will keep between eight and 15 of BarrysWorld's 35 full time staff. Electronics Boutique also intends to make some changes to push the four-year-old site into profitability. These include the introduction of subscription services.
"Online gaming complements our existing business and we are delighted to be able to bring this additional service to our customers," said John Steinbrecher, Electronics Boutique CEO.
"Up until now customers who purchased products in our stores with online gaming capabilities had to go elsewhere this element of play." ®