GAME execs exiting the company as profits tumble

By Stephany Nunneley, Wednesday, 21 April 2010 16:58 GMT

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Two top execs at GAME are leaving the company, partially due to the recent drop in share prices and less than stellar financial profits at the end of 2009.

According to a report over on MCV, chief executive Lisa Morgan has stepped down after 14 years, UK COO Terry Scicluna has left his position and will assist with the transfer of his job to interim CEO Chris Bell.

Profits for the retailer came in at £90.4M pre-tax for the its financial year ending January 31, which is a 27 percent decline YoY. Annual sales fell 10 percent to £1.77B for the 1,400 stores in Europe and Australia.

Shares fell 10 percent to 89 pence within an hour of the release of the financials and the news of management changes.

However, despite the news, chairman Peter Lewis said that it was the second best trading performance in the retailer’s history, and the 20 percent decline in the games market should also be taken into account.

GAME is also set to close 127 more stores by Christmas 2013, per MCV.

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