GAME has been given a second chance by it’s banks who have saved the company from total collapse it’s been reported today.
Credit Insurance issues and serious financial problems has seen the company in recent weeks struggle to turn over a profit. In fact the company made a loss of £18 Million in 2011 alone that along with such things as a £80 million rent bill that needs to be paid means that GAME are holding on for dear life.
“The [GAME] group has agreed to operate within lower limits of its existing facilities than was previously available,” GAME said in a statement. “These revised facilities will allow the company to continue to trade.”
GAME CEO Ian Shepherd added, “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.”