Mobile phone and car audio retail chain Strathfield has been placed in voluntary administration following a disastrous Christmas trading period.
Strathfield’s board made the decision to appoint administrators Brian Silvia and Andrew Cummins of BRI Ferrier after a board meeting last night.
Strathfield has more than 75 outlets around Australia and a number of these are franchised. Last year the company closed around 20 unprofitable stores.
In a statement released to the Australian Stock Exchange, Strathfield said that substantial writedowns of goodwill, receivables and inventory values will result in a negative net asset and shareholder funds positions in the company’s accounts for the six months to 31 December, 2008.
You've reached your article limit. Create a free account, or login to continue. Get our free newsletters in your inbox and extended article access by submitting your email.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
Comments