Newsbrief: The Australian branch of UK video game retailer Game Group has followed the path of its British counterpart and entered into administration, the equivalent of Chapter 11 bankruptcy in the U.S.
The UK division of Game was forced to enter administration earlier this year after it could not raise enough to pay rent and wage bills. Soon afterwards, private investment firm
OpCapita bought all of Game's 333 stores, although the exact financial terms of the agreement were not disclosed.
According to a statement on
the official Game Australia website, global services company PricewaterhouseCoopers has been appointed the administrators for the move, while the retailer will continue to trade on an "as close to business as usual" basis.
Notably, the company is prepared to honor gift cards as long as they are only used for 25 percent of a total purchase, while it has said that it is not able to refund deposits for pre-ordered games, including
Diablo III and
Max Payne 3.
