PwC appointed as Voluntary Administrators of GAME Australia

14 May 2012

PwC partners Kate Warwick and Greg Hall have been appointed Voluntary Administrators of TGW Pty Limited – trading as GAME.

GAME is a retailer of video games, games consoles and PC software & accessories and operates 92 stores across Australia, employing c.500 staff.

TGW Pty Limited is a subsidiary of The GAME Group Plc, a UK public company which was placed into administration on 26 March 2012.

Kate Warwick, PwC partner, said, "Initially we will continue to trade all stores, operating these on as close to a 'business as usual' mode as possible whilst we get a clearer understanding of the current state of the business and actively pursue options to secure its future."

Ms. Warwick added "Prior to our appointment, the company's management had been exploring interest in investing in the business with a number of parties and we will look to see whether this interest can be harnessed to continue the business or part of it through the voluntary administration process."

TGW Pty Limited's UK based parent company faced serious cash flow and profit issues. "While we are still investigating the causes behind the Australian administration; the impact of the administration of its parent, an ambitious national roll-out combined with the current soft retail environment appear to be key factors," said Ms. Warwick.

Further updates will be made to creditors as soon as more information becomes available.

Ms. Warwick also noted that the company's customers hold various claims against the company under loyalty cards, gift cards and vouchers. Ms. Warwick said "We are working on schemes aimed at giving customers some return on these claims if they are used to make additional purchases." Further details will be available to customers on-line or in store from appointment.

About PwC

PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See pwc.com for more information.

"PwC" is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operate and provide services. Together, these firms form the PwC network. Each firm in the network is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way.