Video games, consoles and accessories retailer GAME Australia has now officially started to cut down on its employees and members of its head office after it was reported to seek buyers following its bankruptcy.

In a statement released recently, appointed administrators PwC revealed, about 264 store employees and 17 head office employees have been laid off, and 60 stores have already closed across the GAME Australia network.

PwC's Kate Warwick described how difficult it has become for the employees during this ongoing problem. Warwick also added that although this was a tough decision to make, it is not financially viable for the company to continue to operate at this level during this time.

Although it was previously reported by Gamesradar from a recent creditors meeting that a number of interested parties had come forth to buy out the cash-striven retailer, nobody has quite been able to offer them enough money to save the besieged brand.

Warwick, on the current issue, also said that PwC has been in touch with the Federal Government Department that deals with General Employee Entitlements and Redundancy Scheme (GEERS), and this will assist the employees with their applications.

Here is a list of the affected GAME’s stores.