Video and board games retailer Game Mania has filed for bankruptcy after its owners were unable to negotiate a buyout for the company.

The company’s 30 shops in the Netherlands and Belgium were permanently closed on Tuesday, but the online store is still operating.

Game Mania blamed market conditions for its financial woes, including strong competition, rising overheads and the video game industry’s shift to digital trading.

“This difficult decision stems from the need to adapt the company faster to the changing market,” the company said in a statement in June, when it requested more time to pay its creditors.

Game Mania employs 67 people at its stores in the Netherlands and 24 in Belgium, out of a total payroll of 117. At its peak the company ran 75 shops across the two countries.