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GAME Interested In 40-45 HMV Store Locations

Author:
Matt Gardner
Category:
News
Tags:
Deloitte, GAME, High street, HMV, OpCapita, UK retail

GAME Interested In 40-45 HMV Store Locations

Are GAME looking towards expansion less than a year after they so nearly fell into the abyss? Well, it looks that way. The big, purple, OpCapita-owned GAMEs retailer has been in talks with HMV's current administrators at Deloitte, discussing the possibility of a a few store acquisitions in towns where GAME is without a presence on the high street. 

Game Retail chief executive Martyn Gibbs confirmed the move in conversation with the Financial Times, and although he chose not to reveal any hard numbers, MCV reports that  "between 40-45 locations are being targeted".

“We will constantly review our property portfolio based on what is available,” Gibbs told the FT. “I would not rule out any stores that are becoming available, be that through an administration or normal property deals.”

Game Retail are yet to release any figures for its trading over the Christmas period, though Gibbs claims that they were  “ahead of expectations”, and that, moreover, the company will meet its £20m annual earnings target by July.

It's important to note that the discussions with Deloitte have not been taking part with OpCapita (burdened by the ghost of Comet's demise at the end of last year), but rather with Game Retail themselves, who are apparently one of fifty or so expressions of interest in HMVs assets.

It's somewhat surprising that the discussions are even taking place given that, ten months ago, half of the GAME stores across the country were closing their doors. We'll have to see how this one pans out.

Add a comment4 comments
teddy1590  Jan. 18, 2013 at 18:43

Really game? Really?

The most likely reason I can see that they went to the wall last year was that they had 3-4 stores in my town, and 3-4 in each nearby town. Now that they've downsized they seem a bit healthier, but still in danger. And they want to open another 45 stores?

Get your finances sorted with your existing stores before you expand so rapidly.

blhblh  Jan. 18, 2013 at 20:07

although he chose not to reveal any hard numbers though refused to give any numbers
Who is Though, and why would he not give any soft numbers?

Late  Jan. 18, 2013 at 23:40

If they have a decent cashflow now, there's an opportunity to open new sites in towns where they don't already have stores, with reduced rent obligations (as may well be the case when buying out existing leases) then it makes sense to snap some of these stores up. Good luck to 'em.

Ilium  Jan. 19, 2013 at 22:46

I agree. Interesting that it's come from Game themselves rather than OpCapita. But then they're under gov't investigation so no doubt they need to lie low a bit.

Just think the whole thing is a crying shame...thousands of employees potentially losing out because of poor management at the top and not heeding the digital warnings early enough.

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