Strathfield goes into voluntary administration
- 28 January, 2009 15:01
Strathfield Group has gone into voluntary administration
Specialty retailer, Strathfield Group (ASX: SRA), has gone into voluntary administration, blaming its demise on weak Christmas sales, a significant decline in working capital and a poor retail outlook for 2009.
The move comes after a request for a trading halt on the ASX on January 23.
In a statement to the ASX, the Strathfield Board said they had appointed Brian Silvia and Andrew Cummins of BRI Ferrier as voluntary administrators.
Soon-to-be-announced results for the first half of the financial year are expected to show a negative net assets and shareholders funds position at December 31, the statement read.
The announcement follows on the back of moves by NEC to exit the Australian retail market in early January.
The company hopes to recover from voluntary administration with a Deed of Company Arrangement (DOCA) and claims to have the collective support of its largest shareholder, secured financier, and largest trading partner for restructuring plans that aim to migrate the company to a franchise business model across the country.
- Smart Cloud Provisioning: Low Cost and highly Scalable Entry Point into Cloud Computing
- Choice and Control: Considerations for Developing Enterprise Cloud Strategies
- Cloud and Co-Location Solutions
- Smart Cloud: Move Beyond monitoring to Holistic Management of Application Performance
- Modernizing Security for the Small and Mid-Sized Business – Recommendations for 2013 (Sponsored by McAfee)
- CITRIX SYNERGY ’13: Look beyond Cloud infrastructure, says Liang
- CITRIX SYNERGY ’13: Christiancen highlights the need for collaboration
- CITRIX SYNERGY ’13: Devices will change how people work, says Duursma
- Smartphone chips could replace server processors in HPC, researchers say
- iPhone 6 rumour rollup for the week ending May 24
Attack on Telenor was part of large cyberespionage operation with Indian origins: report
Box buys iOS app to improve its own
Growing mobile malware threat swirls (mostly) around Android
Barracuda Networks raises free capacity of Copy.com to 15GB
Coke gives peace a chance ( +16 photos)