EIDOS DISMISSES EXPRESS.COM
Copyright 2001 www.tombraiderchronicles.com Source: NetBenefit

[ March 12th 2001 ]

Games company Eidos has confirmed that Express.com, the online entertainment retailer in which it paid $55m for a 12.6% stake in November 1999, went into liquidation on 7 March. Eidos, however, assured that the company’s decline will not affect it financially, as it has already written down the cost of its investment in Express.com.

Founded in 1996, LA-based Express.com sells DVDs, music, games and electronics and ccording to its website, it employs a workforce of 230. Like the games development community at large, Eidos has had a rough ride over the past year issuing profit warnings in January blaming postponements in the rollout of game platforms. Eidos has predicted a return to profitability in the next financial year, backed by consumer loyalty to known titles in the face of multiple new platform launches, and concerted efforts to lower its costs base.