The company’s 500 employees and 92 stores are all potentially facing the chop, and customers are likely to feel the squeeze too with gift cards already being devalued to essentially a quarter of their worth.

There is some short term benefit for consumers, with prices being slashed on titles like Pro Evolution Soccer 2011 and DJ Hero 2 to a paltry $5.

A statement on GAME’s website said that the administrators would tread carefully.

“Initially we will continue to trade all of the Company’s stores, operating these on as close to a 'business as usual' basis as is possible in the context of a voluntary administration whilst we get a clearer understanding of the current state of the business,” the statement reads.

“This means that store hours will remain unchanged and all stores will remain open at this stage.”

The note, by PWC, also stated “The Company’s financial circumstances do not permit us to continue the Company’s existing returns policy.” They will however continue the standard 7-day returns policy, which is a statutory regulation.

Customers with vouchers are more hard done by, with the new conditions requring consumers use the vouchers as a maximum 25 percent of the purchase price.

"For example if you have a $15 gift card, you are required to spend at least $60 in store or online, in order to redeem the gift card, with the balance of $45 to be paid in cash."

The move to administration seems to be a result of the rise in online distribution, namely Steam (and EA’s Origin, to a lesser extent), and soft retail demand in general.

GAME’s UK parent experienced a similar turn last year, although it was eventually bought and rescuscitated.

Time will tell if GAME Australia will make a similar miracle recovery, but for now it looks like EB Games will be the ‘last man standing’ in the local retail videogames industry.