GAME Group Gone in Australia - Also Oxford Street London?
The fallout keeps on falling out
The fallout from the recent "is it or isn't it bust" saga of the GAME Group continues with two related stories today highlighting the problems that the video game retailer has faced in 2012.
"The video game retailer GAME has today gone into voluntary administration in Australia, putting at risk the jobs of more than 500 employees in its 92 stores," states The Sydney Morning Herald, which continued:
"...the company's game.com.au website has a note on it that was put there today by appointed administrator PricewaterhouseCoopers (PwC), which states that GAME will continue to trade on an "as close to business as usual" basis while PwC gets a "clearer understanding of the current state of the business".
Bad news, especially as this means that refunds for pre-orders look unlikely to be made.
Back home in Blighty, the Telegraph reports that, "Game's flagship store on Oxford Street could be shut down, have the locks changed and be forced to halt trading at any moment after a landmark ruling against Game Group's administrator, PwC.
"Game had been due to pay more than £100,000 for three months' advance rent to its Oxford Street landlord, Lazari GP, the day before its collapse.
"However, PwC has refused to pay the bill on the basis that it only became responsible for the store the day after the rent was due, even though it admitted new occupiers to run the store a week later."
Ouch.
Sources:
Sydney Morning Herald
The Telegraph
"The video game retailer GAME has today gone into voluntary administration in Australia, putting at risk the jobs of more than 500 employees in its 92 stores," states The Sydney Morning Herald, which continued:
"...the company's game.com.au website has a note on it that was put there today by appointed administrator PricewaterhouseCoopers (PwC), which states that GAME will continue to trade on an "as close to business as usual" basis while PwC gets a "clearer understanding of the current state of the business".
Bad news, especially as this means that refunds for pre-orders look unlikely to be made.
Back home in Blighty, the Telegraph reports that, "Game's flagship store on Oxford Street could be shut down, have the locks changed and be forced to halt trading at any moment after a landmark ruling against Game Group's administrator, PwC.
"Game had been due to pay more than £100,000 for three months' advance rent to its Oxford Street landlord, Lazari GP, the day before its collapse.
"However, PwC has refused to pay the bill on the basis that it only became responsible for the store the day after the rent was due, even though it admitted new occupiers to run the store a week later."
Ouch.
Sources:
Sydney Morning Herald
The Telegraph
Companies:
Game
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