Tuesday, January 10, 2012

Game shares slump as Christmas sales fall 15%

Bad news for Gamers !! Shares in video games specialist Game collapsed on Tuesday after it warned that a disastrous Christmas means it is danger of breaching its banking covenants, reports  at The Guardian.

The shares dropped 26% to 5.1p after the retailer said UK like-for-like sales tumbled 15.2% in the 8 weeks to 7 January and that profit margins had been squeezed by the price cuts it used to attract shoppers.

Game hopes that next month's European launch of the PlayStation Vitawill provide a major sales stimulus for the whole games market, with that console to be followed by the new offering from Nintendo, the Wii U, later this year.

Read more: The Guardian
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