GAME Paying Back Debt, Opening New Stores - News

by William D'Angelo , posted on 07 May 2013 / 2,757 Views

Retailer GAME has been forced to pay new owners OpCapita interest on the £103 million ($159.99 million) owed, as well as "monitoring fees." This adds up to £3.2 million ($4.97 million). The remaining amount owed will have a 7.5 percent interest rate. This news comes from The Telegraph.

Since GAME was bought out it has lost £18.2 million ($28.27 million) in the four months since it was bought out. Martyn Gibbs, who was promoted to chief executive of GAME by OpCapita, says the retailer will make a profit of £20 million ($31.07 million) before taxes for the fiscal year ending July 31, 2013.

"Following the period end, the company carried out a rebranding exercise," said the company. "On October 29 2012 the company adopted the single brand, Game, and commenced a program to replace the signage on and point of sale material within each Gamestation branded location."

"Having restored like-for-like market share to levels in line with the former Game Group, the outlook for the business is positive with a strong line-up of AAA releases and the launch of the new Wii U available to support a healthy Christmas trading period. In 2013, there is much anticipation around the release of Grand Theft Auto V and the company looks forward to further new hardware releases from Microsoft and Sony in coming years."

GAME also said that it plans to open 18 new stores by July 31 and to launch a loyalty program for customers called 'Game Reward.'

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