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GAME expects to record a £20M profit and open 18 new stores year ending July 31, 2013

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Video game retailer GAME expects to record a £20 million (about $31 million USD) profit and will open 18 new stores for the year ending July 31, 2013, according to The Telegraph.

The retailer repaid investment firm OpCapita £3.2 million (roughly $5 million USD) in the four months following its buyout in April last year. GAME still needs to provide the company £103 million (approximately $160 million USD) at an "interest rate of 7.5 percent above the base rate of Barclays".

According to accounts filed at Companies House and obtained by The Telegraph, GAME believes it has "restored like-for-like market share to levels in line with the former Game Group," and holds a positive outlook for the company in 2013.

"In 2013, there is much anticipation around the release of Grand Theft Auto 5 and the company looks forward to further new hardware releases from Microsoft and Sony in coming years," GAME states in the accounts.

Last March, GAME closed 277 GAME and Gamestation stores and fired 2,104 employees in United Kingdom. The retailer was saved by administrators when OpCapita bought it last April. In January, CEO of GAME, Martyn Gibbs, confirmed that the company expressed interest to HMV administrator Deloitte about buying HMV stores. In that period, The Financial Times cited anonymous sources who said the number was 40 to 45 locations.

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