Nordic Games Holding acquires retail chain “GAME” in Scandinavia
May 30, 2012
44 Retail Shops in Sweden, 11 Retail Shops in Norway and Scandinavian ‘GAME’ online business now owned by Nordic Games Holding AB
Nordic Games Holding AB has finished a purchase transaction to fully own retail chain GAME in Scandinavia. GAME owns 44 retail shops in Sweden, 11 shops in Norway and online shops in both countries. Through an exclusive licensing agreement, the retail chain will keep the name GAME in the Scandinavian market.
GAME was established in the Scandinavian market in 1999 and is headquartered in Upplands Väsby, Stockholm. The chain has a total of 270 employees and produced annual turnover of approximately 450 million SEK in 2011. Under the purchase terms, Nordic Games Holding AB owns all shares in GAME Stores Group Sweden AB.
Founder and majority shareholder of Nordic Games Holding AB, Lars Wingefors, will act as Managing Director for the new organization during a transition period.
- “I see great potential in GAME. With a whole new strategy, the stores AAA-locations, loyal customers, positive suppliers and, most important, competent employees, we are determined to get GAME back to profitability. To be the underdog, in a time when many are negative to retail in general, makes it an even more exciting challenge.”
Profitability and positive cash flow
Nordic Games will immediately launch a new strategy and action plan with the goal of reaching profitability and a positive cash flow during 2012. Through the new concept, GAME will be able to offer its 600,000 loyal customers knowledge, service and great offers on new and second hand video games.
- “With our new owners we now see a bright and exciting future. We will now have the possibility to develop our retail shops, introduce new product lines and present new concepts. This together with an increased focus on our loyalty club, second hand products and a further development of our customer service, we will turn a negative result into a positive one. We feel strong and positive about the future,” says Rikard Govenius, Operations Manager at GAME.
In the transaction, Hedelius & Berthelius acted as financial advisors and Törngren Magnell as legal advisors to Nordic Games Holding AB.
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