By Makayla Muscat for Day by day Mail Australia
08:02 18 June 2024, up to date 08:03 18 June 2024
An audio-visual tools retailer has collapsed, leaving 35 workers with out jobs and greater than 60 prospects with out the products and companies they paid for.
Life Model Retailer Pty Ltd, primarily based in Parramatta, western Sydney, was positioned into administration final week.
The house theater retailer has generated revenues of greater than $100 million over the previous seven years and describes itself as “Australia’s largest specialist audio-visual retailer”.
The 35 workers who labored on the Life Model Retailer have now been laid off.
After 23 years in enterprise, Ken Whittingham and Mark Robinson from insolvency agency Fort Restructuring have been appointed as directors.
They stated in an announcement that the corporate collapsed after a dispute between one other firm that was liquidated earlier this yr.
“We’re within the early phases of what we count on to be a posh administration,” they stated. news.com.au.
Two sister firms linked to the Life Model Retailer additionally collapsed this yr.
The theater on the home was positioned into administration after store house owners demanded excellent hire.
Theater at Residence had eight shops in Sydney, Melbourne, Brisbane, Adelaide and the NSW Central Coast, which closed in April with one creditor owing $4.5 million.
A associated audio-visual expertise firm, ROQO Pty Ltd, was additionally liquidated final month.
Rumors circulated a few Life Model Retailer administration appointment, however have been shut down by the corporate.
“The Life Model retailer is just not beneath exterior administration,” the corporate wrote on Fb in April.
“We’re actually sorry for what occurred and ask in your endurance and help as we proceed to discover all choices.”
Lower than a month later, the corporate was positioned beneath administration.
It’s understood some prospects have filed papers with the NSW Civil and Administrative Tribunal to get well their cash.
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