A leaked internal memo has confirmed that Game Crazy will be liquidating its stock over the next several weeks as it pulls the plug on its remaining operations.

The rumor that Game Crazy was closing up shop originally surfaced a few days ago when parent company Movie Gallery reportedly held a conference call revealing that it had filed for bankruptcy and begun the process of winding down operations. That rumor has now been confirmed pretty much exactly as it was originally reported: Movie Gallery and Game Crazy are closing for good.

An internal memo circulated to employees and obtained by Joystiq confirms that despite the company’s best efforts to “respond to our business challenges,” the board of directors has decided that the liquidation of all assets is the only way forward. Closeout sales will begin soon at all Game Crazy locations and are expected to run for “up to 60 days.”

The good news for employees, such as it is, is that anyone who rides it out to the end will earn some kind of “store associate incentive plan.” The memo also noted that Game Crazy “expects to continue to pay associates and provide current benefits and insurance programs during your active employment until you are released from the store or the store closing sale ends.” In other words, get your glasses, fill your prescriptions and go to the dentist now.

It’s a crappy situation for everyone at Game Crazy and we wish them all the best. 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.

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