GAME Australia Still Doesn't Have A Buyer

GAME's Australian administrator PricewaterhouseCoopers is staying positive after a first round of searching for potential buyers failed to turn out any solid leads. Two members of the team released a statement today, toeing the line and remaining upbeat.

"The Administrators' strategy to date has been to trade the business on an "as close to business as usual" basis as is possible in the context of an administration," one said.

"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," said another.

"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."

While this does suggest that there might have been a few nibbles, details were a little bit thin on the ground. The administrator suggested that over the next few days, an announcement of some kind could be made, but again it's all very vague.

Considering the rumours that were abound when the UK branch of GAME was in financial administration, it would seem unlikely that any real deals are being worked out Down Under, as surely we'd have heard something by now.

All we do know, is that the next meeting between PwC and creditors will take place on 19th June. Similar to the potential RBS buyout in the UK, the creditors could collectively decide to take GAME Australia under its wing, but for now we'll have to wait and see.

Source: MCVUK

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