This recession has so far only led to a necessary purge of badly run and old fashioned companies and the interactive entertainment industry will emerge very strong, despite the credit crunch.

If they are honest, merchandise licensors will say that, as much as they relied upon listings at Woolworths, the buyers there made life difficult. They underminded the value of brands with low quality products and low prices, and with in-store displays inspired more by jumble sales than modern retailing.

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