GAME reviewing overseas business
2nd Feb 2012 | 11:09
GAME is considering the future of its overseas operations in talks with its lenders.
The retailer admitted earlier this week that it's facing serious financing issues, with credit insurance problems rumoured to be hampering its ability to stock new releases.
It said in a statement this morning: "In response to press speculation the GAME Group plc confirms that it is in ongoing dialogue with its lending syndicate to reach agreement on revised terms for its facilities.
"As part of these discussions, the lending syndicate is reviewing a strategic plan of the company which includes a review of its overseas operations."
The retailer currently operates 1,274 GAME and Gamestation stores and concessions worldwide, 664 of which are based overseas in France, Iberia, Scandinavia, the Czech Republic and Australia.
"A further announcement will be provided once discussions with its lending syndicate have concluded," GAME added.
Speaking to investors last night, EA CEO John Riccitiello said the publisher is "concerned" about the financial health of a "major European retail partner", thought to be GAME.