Games Australia Has Fire Sale to Pay Off Creditors

In a not-so-surprising twist, Games Australia administrator PricewaterhouseCoopers announced that at today's creditors meeting stakeholders came to the conclusion that the best thing that could be done for the troubled retailer is to liquidate the company. Today administrators Kate Warwick and Greg Hall were named as the liquidators who will oversea the final and irrevocable sale of GAME's assets.

"Fifteen GAME stores continue to operate. These stores have commenced a final clearance sale whilst we continue to progress interest in the remaining parts of the business," Warwick said in a statement.

The goal of liquidating a company is to recoup as much capital as possible to pay off creditors including banks, investors and vendors that are owed money. If there is anything left after creditors are paid, the remaining funds will go towards paying staff members who are owed leave and wages. The 15 remaining stores are selling off stock at discounts of up to 60 percent.

Source: Polygon

Tweet about this on TwitterShare on FacebookShare on Google+Share on RedditEmail this to someone