UK retailer Game files for $672 million IPO
: UK retailer Game nearly went under back in 2012
, due to poor retail game sales. Yet here we are, two years later, and the company today filed for a £400 million ($672 million) initial public offering.
This valuation is up from the £300 million ($504 million) report earlier this year. According to the Telegraph
, Game Group will list on the London Stock Exchange in the next month.
So how did Game turn it around so quickly? Part of it is down to closing more than 300 stores worldwide, and completely moving out of Australia, Portugal, Scandinavia, Portugal and Eastern Europe, focusing instead on the UK and France.
But the launch of the next generation consoles, PlayStation 4 and Xbox One, also helped the company, while the release of Grand Theft Auto V
also did wonders for the retailer.