Game Store Revokes Plan To Sell Its Assets, To Exit Nigeria

Game Store Revokes Plan To Sell Its Assets, To Exit Nigeria

The South African Retail Company, Game Store has begun stock clearance sale targeted at closure of all its branches nationwide on December 25th 2022. The Game Store which is managed by the Giant Massmart Holdings Limited revealed this on October 26 through a newsletter.

According to the Vice President of Merchandize at Game, Neville Hatfield, “We anticipate that the last trading day for Game Nigeria will be on 25 December 2022. We will contact you within the next few weeks to finalize commercial expectations and arrangements with you. Thank you for your service to Game Nigeria, we are sorry that we have been unable to continue our operations in your country”.

This was against the company’s motive to relinquish its assets to Xanderwill Limited; a Nigerian Company. Recall that on October 4th the company had earlier voiced out plans to sell off its assets to Xanderwill Limited after closure but with the new insights, Games Store would become extinct in Nigeria from December 25th 2022. This revelation was contained in the news letter by the Vice President.

“On October 4, 2022 we notified you that we had initiated potential Game Store closure consultations with our staff members in Nigeria. These consultations follow a decision to discontinue the process to sell our Games Stores in Nigeria to Xanderwill Limited. Unfortunately, in the present circumstances, we feel that there are no reasonable alternatives to store closures. This had been exceptionally difficult decision to take and we recognize that it will be a source of disappointment for many”, said Hatfield.

In recognition of staff Commitment to the enterprise, the Vice President promised to provide packages to appreciate employees for their service to Game Stores. He said, “In the case of Game staff members, our undertaking is to provide severance packages in recognition of their service to our company”.

Apart from Nigeria, Game Store is also making plans to exit Kenya, Ghana, Uganda and Tanzania. Also in 2021, another mega South African Retail Mall, Shoprite, absconded Nigeria but sold its business to Ketron Investment Limited; a company owned by Nigerian investors of the Persianas Investment.

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