GAME Australia administrator PricewaterhouseCoopers (PwC) announced that it will "immediately" shut down 16 retail stores in Australia, with the remaining 15 stores to be closed in the "coming weeks." The retailer went into administration (bankruptcy protection) last month, and while there was plenty of optimistic talk about saving the chain in Australia in the lead-up to today's news, most believed the writing was on the wall for the company. In May PwC closed 60 stores and laid off 281 employees from various stores around the country and the company's home office.
"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 percent available in-store and online," administrator Kate Warwick said in a statement. "This is a difficult time for employees and closing the stores was not a decision we made easily. 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."
Ironically PwC also said in its statement that a meeting with creditors is scheduled for sometime tomorrow to figure out what the future of GAME Australia will be moving forward. Chances are whatever assets remain of the company will be sold off to pay down some of its debt.
Source: GameSpot Australia