“Life is for playing”, reads the slogan of the video game store Microplay —a company born in 1998 founded by the current sales and marketing manager Marcos Camhi— and the truth is that a part of the game is also losing. This Friday, January 6, through a statement sent to its collaborators, one of the main video game and collectibles store chains in Chile, announced the initiation of voluntary liquidation bankruptcy proceedings.
“We deeply regret having to inform you that after so many years of such important support from all collaborators, store managers, sub-managers, sellers and from each of the people, it has become impossible for us to continue with the Microplay SA company, today a voluntary liquidation bankruptcy procedure has started, with the aim of liquidating all the company’s assets and paying all creditors with the product of this realization”, reads the letter signed by the company’s management.
“This procedure will seek to respect the legal presence of all creditors and ensure maximization of the company’s assets,” the statement added.
It is worth recalling that, according to the Insolvency and Restart Superintendency (Superir), the Voluntary Liquidation Bankruptcy Procedure is a judicial action “whose objective is the rapid and efficient liquidation of the assets of a debtor company, in order to tend to the payment of its creditors”.
The reasons that led Microplay to start this process essentially refer to “circumstances external to the company”. As they point out, they were hit by a sharp drop in sales, rising dollar price and costs, plus “the well-known market conditions, where we’ve been able to push the operation forward, despite the social outburst, the health crisis and the current global crisis, where the drop in demand is increasingly evident and a possible recession is forecast for the year 2023 and 2024”.
The company assures that it has paid the entire salary plan for the personnel in service and, moreover, declares that it has paid the pension obligations, as well as indicating that, at the time of the issue of the liquidation resolution, all job will be resolved. Subsequently, “the trustee will contact each of the workers to extend and sign an employment agreement, which will be paid within the limits of law 20.720, only once the company has obtained the resources for the liquidation of its assets”.
“We thank all of our contributors for years of outstanding relationship and management. We hope to keep their settlement deadlines as short as possible,” says Microplay.
Finally, according to the press release, the premises will have to be closed from 6 January 2023 and will not open until the presence of the liquidator, who will be in charge.
The company has stopped posting to social media since December 28, and as of this writing, its website does not allow purchases even though it is still active.