Earlier this week Game met with lenders to discuss its credit problems and options for staying in business, and now Game reports it will operate "with lower limits" and under "revised terms for its facilities." As of November 2011, Game had 1,275 stores in Europe and Australia, but has hinted that it could sell off more than half of its overseas locations, and it plans to close 60 stores by 2013. It closed 39 locations last year.

Game's economic problems aren't an issue solely for retailers, but can affect the larger gaming industry as well -- both EA and Take-Two discussed Game's position during their Q3 financial calls.

This article was originally published on Joystiq.

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