GAME Australia business receives expressions of interest

First creditors meeting revealed a number of interested parties intent on saving GAME Australia's struggling business; continuity of the business as is remains a possibility; decision will be made in coming days.

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GAME Australia's struggling business has received a number of expressions of interest from parties that are keen to rescue the games retailer.

The local business entered voluntary administration earlier in May, after months of financial struggle and the collapse of its UK counterpart. Administrators Pricewaterhouse Coopers (PwC) held the first creditors meeting yesterday, where voluntary administrators and PwC partners Kate Warwick and Greg Hall analysed expressions of interest that had been advertised previously.

"Despite the very challenging circumstances facing the retail sector, we have received various expressions of interest for parts of the business, including a number of parties expressing interest in the business as a going concern," Warwick said.

According to the firm, GAME Australia could continue to operate as a business.

"We are currently exploring the possibility of achieving a continuity of the business as a going concern with the company's many landlords, who appear pivotal to any continuation."

Warwick said the firm is currently examining all expressions of interest and will make a decision on the future of the business in the coming days. The parties who have expressed interest in GAME Australia, have not been named.

A second meeting of creditors is scheduled to be held in June.

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