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GAME Australia went into liquidation today after a meeting of creditors voted for the business to be liquidated. Yesterday we reported that PricewaterhouseCoopers, GAME Australia's administrator, made the decision to close all of the retailer's stores in Australia. Today the administrators Kate Warwick and Greg Hall have become the liquidators who will overlook the selling of GAME assets.
GAME Australia went into liquidation today after a meeting of creditors voted for the business to be liquidated.
Yesterday we reported that PricewaterhouseCoopers, GAME Australia's administrator, made the decision to close all of the retailer's stores in Australia. Today the administrators Kate Warwick and Greg Hall have become the liquidators who will overlook the selling of GAME's assets.
"Fifteen GAME stores continue to operate. These stores have commenced a final clearance sale whilst we continue to progress interest in the remaining parts of the business," Warwick said in a statement.
The purpose of liquidating a company is to recoup as much money as possible to pay creditors such as banks, investors, rental costs, bills and, if there is anything left after those entities have been paid, staff members who are owed sick leave, annual leave, and wages.
The struggling business was handed to administrators last month. Sales of up to 60% off are currently being held at remaining GAME retailers in Australia.
