Officials from British headquartered video games retailer GAME have announced that the company has acquired fifty-one new stores in France, bringing the company's total in the country to one hundred and fifty-eight.
The new stores were acquired from French book retailer Maxi-Livres, which is currently in administration, for a total of €6 million ($7.7m). Assuming the unconditional offer is accepted, the purchase is still subject to the right of appeal by third parties, according to French law.
Max-Livres actually operates one hundred and twenty-one different stores in France, but the specific outlets chosen were deemed to offer the greatest potential for transforming into video game stores and were placed in a complimentary geographical position to GAME’s existing stores.
The GAME Group intends to spend an additional €7 million ($9.0m) refurbishing the stores, to open within the next three to six months. All of the existing stores' one hundred and thirty-two staff will be offered the chance to continue working at the new outlets.
"At a total cost of around €260,000 [$334,000] per store this is an innovative and efficient way of rapidly expanding our portfolio in France. It will both provide scale benefits and enhance our brand positioning in the French market," said GAME CEO Lisa Morgan in a statement.
“It gives further momentum to our European expansion strategy and ensures that we will have over 150 stores trading in France in 2007. The stores are complementary to our existing portfolio and this demonstrates our ongoing commitment to strengthen our market leading position within Europe."