Game goes titsup in Australia
Competition from online retailers has claimed another casualty in the high street with the demise of the australian incarnation of chain store retailer, Game.
PricewaterhouseCoopers was yesterday appointed voluntary administrator of the UK-owned gaming company, which has over 500 Australian employees and 92 stores nationally.
The UK parent Game Group suffered a similar fate last month when PWC was appointed as administrator and negotiated a trade sale of the UK business to Baker Acquisitions Ltd, an entity overseen by OpCapita, for an undisclosed sum.
In the UK, PwC shuttered 277 of Game's stores but the new owners had assured staff that the remaining 333 UK stores would remain open and fully staffed. Kate Warwick and Greg Hall of PricewaterhouseCoopers will control and manage the Australian entity and continue trading all of the company’s 92 stores, operating these on as close to a 'business as usual' basis as possible.
The administrators informed creditors, staff and customers that they are currently getting a “clearer understanding of the current state of the business”.
Two creditors meetings have been set, one on 23 May, and if no resolution has been made in terms of a sale or other option the other is scheduled for 19 June.
The company is intending on honouring certain advance orders placed on the Diablo III and Max Payne new releases but will refund customer deposits. Existing gift cards, gift vouchers and credit notes for most of the products will be honoured at this point but can only be used for 25 per cent of the total purchase price.®