This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16868265
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Game shares soar on revised banking facilities | Game shares soar on revised banking facilities |
(3 months later) | |
Shares in the video game retailer Game Group have jumped 40% after lenders, led by state-backed RBS, revised the firm's banking arrangements. | Shares in the video game retailer Game Group have jumped 40% after lenders, led by state-backed RBS, revised the firm's banking arrangements. |
Game said the new arrangements would allow it "to continue to trade". | Game said the new arrangements would allow it "to continue to trade". |
Game Group shares plunged by more than a third in November after the retailer cut its revenue forecast. | Game Group shares plunged by more than a third in November after the retailer cut its revenue forecast. |
It is now predicting an underlying pre-tax loss of about £18m for the year to the end of January. | It is now predicting an underlying pre-tax loss of about £18m for the year to the end of January. |
The firm has also agreed to provide an updated strategic plan for review by its lenders, which also include HSBC and Barclays. | The firm has also agreed to provide an updated strategic plan for review by its lenders, which also include HSBC and Barclays. |
All aspects of the business's activities and strategy will be reviewed, including its 664-store overseas operations. | All aspects of the business's activities and strategy will be reviewed, including its 664-store overseas operations. |
"Management may look to exit parts or all of its international operations to reduce losses and to raise cash," said Singer Capital Markets analyst Mark Photiades. | "Management may look to exit parts or all of its international operations to reduce losses and to raise cash," said Singer Capital Markets analyst Mark Photiades. |
In September, Game reported a £51.5m pre-tax loss and its share price has fallen over 70% since the start of the year. | In September, Game reported a £51.5m pre-tax loss and its share price has fallen over 70% since the start of the year. |
Game has seen its business eroded by competition from online-only retailers such as Steam and Amazon, with Game holding on to 19% of the online market. | Game has seen its business eroded by competition from online-only retailers such as Steam and Amazon, with Game holding on to 19% of the online market. |
Previous version
1
Next version