GAME Australia to shut down all stores

The video game retailer GAME Australia will immediately shut down 16 stores and close the remaining 15 in the coming weeks, according to its administrator PricewaterhouseCoopers (PwC).

The video game retailer GAME Australia will immediately shut down 16 stores and close the remaining 15 in the coming weeks, according to its administrator PricewaterhouseCoopers (PwC).

The embattled retailer went into administration last month after a long financial struggle that saw the company reduce its number of stores. In late May, the administrator closed 60 stores and laid off 281 staff from retail stores and GAME Australia's head office.

The administrator is now moving to close all of GAME Australia's stores.

"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."

PwC said another meeting of creditors is scheduled tomorrow to determine the future of the business.