Direct hit on Game stores
Deal takes Sports Direct stake to 38%
SPORTS Direct has hinted that Game stores could close after it made an offer for the high-street chain.
The sports retailer, controlled by billionaire Mike Ashley, is buying a new chunk of shares in Game to take its stake to 38 per cent.
It was already Game’s largest single investor and, under City Takeover rules, was required to make an offer for the remaining shares.
Sports Direct paid 30p a share for its latest stake and is offering the same for the remainder, adding “it will not be increased”.
The offer values the video game chain at £52million.
However, Sports Direct said it would carry out a review that could Mike Ashley THE Duchess of Cornwall will give a royal seal of approval to over-50s specialist Saga’s new cruise ship after being picked as its Godmother.
She will officially name the see it “right-size” Game’s store estate.
That could include some branches being closed or moved into its House of Fraser shops, it added.
In the year to July 2017, Game’s revenue was £782million and it made a £7.4million loss.
Sports Direct has held shares in Game since July 2017, with the company already opening up some of Game’s gaming zones, called Belong, in some of its own stores.
Sports Direct said the review would cover areas such as the lease terms on Game’s stores, their locations, as well as its headquarters and distribution depot. Spirit of Discovery at a ceremony in Dover next month.
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