GAME strikes deal with lenders to secure future
The GAME retail chain has been having a serious wobble this week. Yesterday we mentioned concerns over their ability to stock future releases amid reports that the company had lost credit insurance with major publishers. Today, MCV reports that the chain has successfully struck a new deal with lenders that ensures they'll be able to keep trading.
Chief executive chap, Ian Shepherd, expressed relief and caution. "We're pleased to reach agreement with our lenders, but should be under no illusions about the challenges in our market or the hard work that is required to deliver our strategic plan," he said. The GAME group predict they'll make £18 million losses for the year up to January 31, which is less than analysts had predicted.
Hopefully this'll mean the start of a recovery for the shops. In other distribution news, Steam recently recorded record takings and Origin has amassed $100 million in revenue in seven months. Digital services are looking stronger than ever.