Retail giant GAME says new hardware launches will take the games industry back to full strength.
The statement follows a difficult period for GAME, which posted a 17.6 per cent slump in sales over Christmas. The firm now admits that it might not meet some of its EBITDA covenants.
But CEO Ian Shepherd is hopeful the market can return to growth with new hardware.
“The weakness in the overall numbers was partly driven by the economy and consumer confidence issues. It was also driven by where we are in the hardware cycle,” said Shepherd.
“The hardware market was much more negative than the software market. That tells you the industry and the consumer is ready for more innovation there
“Whether it is in the handheld space with 3DS and Vita or in the home space with Wii U – all of that will excite the consumer in coming back to the games market again.”