GAME's 290 stores across Spain and Portugal have been saved after Cherrilux Investments bought the Iberian stores earlier this week, reports MCV. The deal secures 1,000 jobs.

Cherrilux Investments is a company established by Comet owner OpCapita for the purpose of the takeover. OpCapita did the same with Baker Acquisitions for the takeover of GAME's UK operation. It's believed the two firms will operate independently.

Cherrilux says that 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".

In the UK 333 GAME and gamestation stores were kept open following the closure of 277 in order to slim down the business for potential buyers.