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Game Group withdraws from Comet stores 8 March 2012

Game Group has confirmed it is reducing its exposure to physical retail space by axing the concessions it has with electrical retailer Comet.

The news from the finally strained game and hardware retailer comes after its recent announcement that it has started downsizing the number of sites it has across the UK as part of a revised trading strategy put forward to its lending syndicate.

In its most recent financial update to its investors, the Game Group board said it expected to make a loss before tax (and non-recurring items) of around £18m for the year ending 31 January 2012.

In a reactive statement released to Insolvency News by the company’s public relations agency, it said it had enjoyed an “excellent relationship” with Comet, but the decision to close its concessions in the stores had been made last year.

It continued: “We are talking to our teams about this and, as always, we have a detailed plan to help customers to move to another local store or online, and we are making every effort to redeploy our people wherever possible.”

It suffered from a dreadful Christmas trading period, with like-for-like sales down 12.9 per cent for the eight weeks to 7 January 2012 , while that figure was far worse for its UK and Ireland stores in isolation at -15.2 per cent.

 

 

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