Buyers in the wings as future of GAME waits to be decided

By Claire Reilly

While Game Australia entered voluntary administration just over one week ago, there may be buyers waiting to snap up the embattled retailer and ensure its future.

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Following a meeting of creditors held yesterday by the company's administrators, PricewaterhouseCoopers, one of the partners appointed to oversee the administration said there had been various expressions of interest in the company.

“The Administrators’ strategy to date has been to trade the business on an ‘as close to business as usual’ basis as is possible in the context of an administration,” said PwC partner Kate Warwick.

“We’ve advertised for expressions of interest in the business from interested parties and the deadline for these closed yesterday. Despite the very challenging circumstances facing the retail sector, we have received various expressions of interest for parts of the business, including a number of parties expressing interest in the business as a going concern.

“We are currently exploring the possibility of achieving a continuity of the business as a going concern with the company’s many landlords who appear pivotal to any continuation.

“We are also currently examining the other expressions of interest and we expect to make a decision on the future of the business in the coming days.

A Committee of Creditors was appointed at yesterday’s meeting, charged with working with PwC throughout the administrative process. A second meeting of creditors has been scheduled, due to take place on or around 19 June 2012, at which the future of the company is set to be decided.

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