UPDATED: Academy Store to be sold off

Bondi Junction-based Apple reseller, Academy Store, owes its creditors $1.1 million, according to liquidators, Armstrong Wily.

Liquidators were appointed to the Academy Store by its company director on April 17. A day after going into liquidation, Apple appointed McGrath Nicol as receivers.

Armstrong Wily representative, David Hurst, said the decision followed the cancellation of the retailer's licensing and agreements with Apple. He added Apple was the retailer's largest secured creditor.

Hurst said the receivers were now negotiating with several interested buyers to acquire the business.

In the meantime, Academy Store managing director, Ben Morgan, has left the company. Morgan had been running the operation for eight years. After the failed Buzzle conglomerate in 2001, Morgan, who was a part of the Status Graph team, joined forces with the Apple Centre Taylor Square.

The Taylor Square store relocated in Bondi in May 2006.

Morgan was not contactable at the time of press.

An Apple spokesperson said it did not comment on its business arrangements.

The Academy store continues to trade.