As we have heard previously, GAME Australia went into Administration with 2 partners from PwC becoming Voluntary Administrators for the company. The creditors and PwC partners Kate Warwick and Greg Hall with other Voluntary Administrators have concluded their first meeting on the company and it’s future.
So far the Administrators strategy for GAME has been acting in a “business like usual” sense trying to keep stock selling and stores open, well as close as they can in the context of being in administration.
Ms Warwick said the following in a press release about the future and direction they are taking.
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.
During this meeting the creditors appointed a Committee of Creditors to liaise with the Administrators. The Creditors were able to ask questions, however no other resolutions came about.
Ms Warwick also added
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.
This meeting is a slow step forward in the long process they will have to overcome. It is in the correct direction with decisions being made as soon as possible and new directions happening from the expressions of interest. It will be interesting to see if they do look at the recent events such as Grey Imports and price drops from local distributors to Australian stores into their figures, information and future decisions.
A second meeting is scheduled in June.