GAME have been in trouble for quite some time now and after the administrators PriceWaterhouseCoopers stepped in we knew there would be some changes made, and they seem to be kicking of today as they have just announced that all the GAME stores residing in Australia are to close.
These closures are basically a way of to help the administrators pay off the creditors that the GAME group used to owe money to, during the closures all 31 stores will be closed with 16 of them closing today, the remaining will offer a final closing down sale with up to 60% discounts offered in-store and online.
Kate Warwick, administrator at PwC said this about the closures:
“This is a difficult time for employees and closing the stores was not a decision we made easily,” said Warwick. “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.”
Alongside the closures GAME will also of course be laying off the employees who work within each store, for which the Federal Government department that handles the General Employee Entitlements and Redundancy Scheme (GEERS) and will assist employees with their applications.
Via [MVC Pacific]