Game Crazy is preparing to liquidate its stock and shut down the company's remaining operations over the next several weeks.
According to Andy Chalk of the Escapist, the rumor that Game Crazy was closing its doors began a few days ago when parent corporation Movie Gallery held a conference and revealed it had filed for bankruptcy.
However, the rumor has now been confirmed by an internal memo obtained by Joystiq.
"A decision has been reached by the board of directors to liquidate the entire assets of the organization," the document reads.
The memo also notes that the store closing sale is "likely [to] continue for up to 60 days," while employees who remain until the end will receive "store associate incentive plans" as a reward.
"It's a crappy situation for everyone at Game Crazy and we wish them all the best," writes Chalk.
"On the upside (and you knew this was coming), their loss is our gain, in a very selfish way: Liquidation sales mean good deals, so if you've got a store in your neighborhood, you'd be well advised to keep an eye on it for the next month or so."