The GAME Group has announced a new financing agreement that will keep them trading for the foreseeable future. They have been in negotiations with lenders in recent weeks, with the retailer still reeling from a poor 2011.
The company predicted an annual loss £18 million for the full financial year, but this new agreement means that they will be around to fight another day; much to the relief of customers, employees and publishers.
A statement from GAME shed light on the deal: "GAME is pleased to announce that it has now concluded discussions with its lending syndicate and agreed revised terms for its facilities. Under the terms of the revised facilities, the Group has agreed to operate within lower limits of its existing facilities than was previously available. These revised facilities will allow the company to continue to trade."
In a supporting statement, 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."
This latest announcement may be enough to bring stability back to the company, amidst real concerns that their previous financing arrangement might've found the retailer struggling to put the latest releases on their shelves.