The administrators overseeing the operations of Australia’s second largest video game store have announced that the remaining stores will close.
GAME Australia ran into financial trouble last month and voluntarily entered administration with the goal being to sell the company to the highest bidder. Sadly, it seems, there were no bidders at all and the remaining stores will be closing for good.
“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,” said Kate Warwick, administrator at PriceWaterhouseCoopers.
“This is a difficult time for employees and closing the stores was not a decision we made easily,” she said. “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.”
16 stores will close up shop today, with the remaining closing when stock runs dry. The administrators say they will assist employees apply for assistance through the General Employee Entitlements and Redundancy Scheme, run by the federal government.