GAME shutting over 100 UK shops

Profits down and top brass resign.

Turbulence continues for retailer GAME, which has this afternoon confirmed plans to close over 100 outlets by Christmas 2013.

The news follows this morning's revelation of a 28 per cent profit-drop year-on-year and the subsequent resignations of CEO Lisa Morgan and COO Terry Scicluna.

The number of UK GAME and GameStation stores will be reduced from 677 to 550. That's in addition to the 43 closuers announced earlier this year.

Why? Increased competition from supermarkets and online retailers, said GAME, according to GamesIndustry.biz.

"We continue actively to review our UK store base, with a view to minimising store overlap and maximising opportunities from lease expiries, breaks and rent reviews," offered GAME chairman Peter Lewis.

"Our average lease length of six years for our UK stores is an advantage. By Christmas 2013, we expect the UK store portfolio to have been reduced to about 550 stores. In addition, we are investing to create the leading PC and video games website and download service in the UK."

These closures, as well as a head office reshuffle, should net GAME savings of around 10m over the next two years.

Internationally, GAME has opened 64 stores throughout the year and closed seven, taking the total to 73.

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