An audiovisual retailer collapsed, leaving 35 employees out of work and more than 60 customers without the goods and services they paid for.
Life Style Store Pty Ltd, based in Parramatta, west of Sydney, was placed into administration last week.
The home cinema store had made $100 million in revenue over the past seven years and described itself as “Australia’s largest specialist audio-visual retailer”.
All 35 employees who worked at Life Style Store have been laid off.
After 23 years in the business, Ken Whittingham and Mark Robinson, of insolvency firm Fort Restructuring, have been appointed administrators.
An audiovisual retailer collapsed, leaving 35 employees out of work and more than 60 customers without the goods and services they paid for.
In a statement, they said the business had collapsed following a dispute between another business, which went into liquidation earlier this year.
“We are in the early stages of what we hope will be a complex administration,” they said. news.com.au.
Two other sister companies linked to Life Style Store also collapsed this year.
Theater at Home was placed into administration after shop owners demanded outstanding rent.
Theater at Home had eight stores in Sydney, Melbourne, Brisbane, Adelaide and the NSW Central Coast, which closed in April with a creditor allegedly owed $4.5 million.
A related audiovisual technology company, ROQO Pty Ltd, also went into liquidation last month.
Two other sister businesses linked to Life Style Store also collapsed this year
Rumors have been circulating about the appointment of management at Life Style Store, but the company shut them down.
“Life Style Store is not under external management,” the company wrote on Facebook in April.
“We are very sorry for what happened and ask for patience and support as we continue to explore all options.”
Less than a month later, the company was placed into administration.
It is understood some clients had filed papers with the New South Wales Civil and Administrative Tribunal to get their money back.
