We’ve just received an update from liquidators PwC on what’s happening with GAME. The bottom line? There are some buyers circling, but nothing concrete happening yet.
The first creditors’ meeting was held in Sydney yesterday, but the only decision that was made was to appoint a committee of creditors to continue working with PwC. A second creditors’ meeting has been set for late June, with PwC saying June 19 looks likely. What happens there will be entirely dependent on whether someone fronts up to buy out the struggling retailer.
In a statement about the meeting, Kate Warwick from PwC said:
We’ve advertised for expressions of interest in the business from interested parties and the deadline for these closed yesterday. 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. 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. We are also currently examining the other expressions of interest and we expect to make a decision on the future of the business in the coming days.
Reading between the lines, that suggests there’s a lot of unpaid rent for existing GAME stores.
It’s been a nasty week since GAME went into administration, with concerns over refunds for pre-ordered games and the future for staff at the chain. It seems clear the uncertainty will continue for a while.