GAME Australia to shut all stores

After a protracted struggle to stay afloat, GAME Australia has finally succumbed to its financial troubles. The company's administrators--PricewaterhouseCoopers (PwC)--have confirmed today that all GAME stores in Australia will close down in the coming weeks.

PwC said 16 stores will shut immediately, with the remaining 15 to be shuttered in the coming weeks.

"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."

GAME Australia went into administration in May this year, following on from similar financial troubles with its UK parent company. PwC was exploring avenues to keep the business afloat, including finding a buyer for the stores, but rumours that it was unsuccessful began circulating earlier this month.

PwC has been in touch with the Federal Government Department that deals with General Employee Entitlements and Redundancy Scheme (GEERS) and will assist the employees with their applications.

According to PwC, another meeting of creditors is scheduled to take place on 19 June in Sydney to decide the future of GAME Australia.