Tough day for GAME

Sales plummet and execs take the fall

European games retailer GAME was hit by several pieces of bad news today, causing the share price to tumble rapidly by around 10 percent to just 89 pence.

GAME's profits dropped 27 percent from January 2009's gross profits, to 90.4 million GBP, which was still greater than analysts predicted by 2.9 million GBP.

Taking the heat for the sales crash, CEO Lisa Morgan and COO Terry Scicluna both announced their resignations with board member Chris Bell taking over as interim CEO.

The news came as the chain announced that some major releases will be delayed due to the disruption to air travel caused by the volcanic ash clouds. Both 2010 FIFA World Cup and the God of War Collection have been hit, as well as Nintendo's answer to LittleBigPlanet, WarioWare DIY.

Thanks MCV.

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