By Claire Reilly
Another sad chapter in the Game retail administration saga played out yesterday with administrators at PricewaterhouseCoopers announcing the imminent closure of all remaining Game stores across Australia.
The news follows a string of negative events for the company. Game’s UK parent company filed for administration on 22 March 2012, and the Australian subsidiary of Game followed suit 2 months later. Less than 2 weeks after entering administration, PwC announced that Game Australia would be forced to shut 60 of its 92 stores across Australia.
The full closure of the store network is the final nail in the coffin for Game, with 16 of the 31 remaining stores closing yesterday.
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“In the interests of creditors, the 31 remaining GAME stores are to be closed over the coming weeks and a final closing down sale has commenced with discounts of up to 60 per cent available in-store and online,” said PwC partner and administrator, Kate Warwick.
“This is a difficult time for employees and closing the stores was not a decision we made easily,” Warwick added. “Despite exploring available opportunities for continued trading, the ongoing trading performance and absence of viable offers for the purchase of the business has resulted in these closures.”
The second meeting of creditors is scheduled to take place today, with a final outcome expected early this afternoon.
According to a statement from the administrators, “PwC has been in touch with the Federal Government Department that deals with General Employee Entitlements and Redundancy Scheme (GEERS) and will assist the employees with their applications”.
A notice on Game's website advertising discounts as stores are forced to close.