Game has hired PwC to help the retailer form a long term strategy for the business.

The move comes after its banks granted it breathing space this month, after they agreed to revise the terms of the game specialist’s banking facilities - on the condition that the struggling games specialist produces an updated strategic plan. revealed earlier this month that Game has hired Rothschild to seek a sale of all or parts of its overseas operations.

It is also reportedly negotiating better deals with its suppliers, in a move similar to that agreed between HMV and its suppliers.  

The Telegraph reported that PwC has been hired to assess the medium and long-term outlook, to understand how much of Game’s issues are down to a structural decline of the games market and how much is cyclical.

Game’s like-for-like sales in the UK and Ireland slumped 15.2% in the eight weeks to January 7.

The poor Christmas performance came on top of a first-half loss before non-recurring costs and tax of £48.5m in the six months to July 31 2011, compared with a £18.8m loss in the same period the previous year.