IT One has gone into voluntary liquidation after trading for more than 10 years in Sydney as PC and components retailer Orange IT.
IT One appointed Rod Sutherland from Jirsch Sutherland as liquidator on April 5. A creditors meeting was held on April 22.
According to the liquidator, IT One owed unsecured creditors about $60,000 while secured creditors were owed $1.8 million.
Spokesperson for Jirsch Sutherland, Michael Chan, said there haven’t been any claims made at this stage, so the figures are yet to be verified.
Chan said it managed to auction off some of IT One’s assets, collecting $30,000.
According to Orange IT’s website, at one stage it had three retail stores in the Sydney CBD in Chinatown, Haymarket and Wynyard. Its warehouse and central operation was located in Auburn.
Chan said at the time liquidators were called in, all of Orange IT’s retail stores were closed and only its warehouse remained.
“The business had been shutting down over the last 12 months,” he said.
According to Chan, the director of IT One cited too much competition in the market, particularly from retailer, JB Hi-Fi, and it couldn't keep up.