UK retailer Game was going under in 2012. Now it's planning an IPO
Nearly two years after UK retailer Game Group fought its way out of bankruptcy, the company is reportedly now planning an initial public offering off the back of strong holiday period sales.
Game was forced to enter administration
in 2012 after it could not raise enough to pay rent and wage bills. Soon afterwards, private investment firm OpCapita bought all of Game's 333 stores
, saving over 3,000 jobs at the company.
Just 22 months later and it appears that the company has managed to sort itself out and then some. According to reports from Sky News, Game Group is now planning
a £300 million ($492 million) flotation, and appointing investment companies to co-ordinate an IPO that should take place later this year.
It was the launches of the Xbox One and PlayStation 4 consoles that helped to turn the tide for Game, says the company, as well as the launch of Grand Theft Auto V
months earlier. Overall, Game saw its sales figures jump by 83 percent over the Christmas period.
Meanwhile, Game says that its online revenues in particular saw an increase of 213 percent over the festive period. The company now expects to double its earnings for this fiscal year compared to the previous year.