A day after receivingexpressions of interest (opens in new tab)in its first creditors meeting, GAME Australia has begun the process of cutting back the headcount of its store, employees, and members of its head office.
In a statement released today, appointed administrators PwC revealed that 264 store employees and 17 head office employees have been laid off, and 60 stores closed across the GAME Australia network. “This is a difficult time for employees," said PwC's Kate Warwick, "and closing the stores was not a decision we made easily. However it is not financially viable to continue to operate at this level at this time.”
“PwC has been in touch with the Federal Government Department that deals with General Employee Entitlements and Redundancy Scheme (GEERS) and will assist the employees with their applications.”
We'll update this story with further information as it comes to hand.
UPDATE: PwC has sent us a full list of the 60 stores affected. To see GAME's existing 115 stores (opens in new tab) reduced to just 55 comes as a serious blow to its force.