By Claire Reilly
Following news that Game Australia will be closing down its remaining stores over the coming weeks, the retailer’s parent company – TGW Pty Ltd trading as Game Australia – held its second creditors’ meeting yesterday in Sydney.
At the meeting, administrators appointed by PricewaterhouseCoopers made the decision to put the company into liquidation, with Kate Warwick and Greg Hall of PwC to be appointed as liquidators.
“Fifteen Game stores continue to operate,” said PwC partner and liquidator, Kate Warwick. “These stores have commenced a final clearance sale whilst we continue to progress interest in the remaining parts of the business.”
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According to a release from PwC, “As a result of the liquidation, the employees will be able to access the Federal Government’s General Employee Entitlements and Redundancy Scheme (GEERS) for payment of their pre-appointment entitlements".
In addition, the liquidators confirmed that they would “continue to explore any interest in the assets of the company with a view to maximising returns to creditors”.
Game Australia went into administration in May of this year, following the collapse of its UK parent company less than two months earlier. Following the appointment of administrators, the company confirmed that it would be closing 60 shopfronts – two thirds of its retail stores in Australia.
This week, administrators confirmed that 16 additional stores had closed with the remaining 15 to be progressively shut down.