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Game Group gets loan lifeline
Struggling retailer Game Group has won a lifeline from its lenders, after they agreed to revise the terms of the firm’s loan facilities. Game said last night it now has support from its stakeholders and lenders, and expects to meet its loan covenant tests at the end of the month having lowered the limits on its loans. The firm predicted a pre-tax loss of £18m for the year to 31 January and said it will provide an updated strategy soon. Chief executive Ian Shepherd said: “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.”