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The Disc Shop hits the block

The Disc Shop hits the block

After months of speculation, the fate of Queensland-based retail chain, The Disc Shop, will be decided by creditors this month.

Company administrator, Mike McCann, said it was currently compiling a report on whether to accept one of two outside bids, or continue with present owner, Alan Green.

"We have received a proposal from the director, which we are looking at seriously, to continue trading with new shareholders," he said.

The proposal also included a strategy for paying creditors. According to McCann, total debts are worth about $2 million.

Grant Thornton Chartered Accountants was appointed voluntary administrator in April. Since then, McCann said remaining stores had experienced a substantial increase in turnover.

He attributed its better performance to ongoing supply from the key creditors, as well as more streamlined business objectives.

"The company was almost down to cash on delivery terms, but we have been able to put more stock into the remaining operations," McCann said. "There have been some sales and marketing campaigns in different stores that have pushed sales along."

A final decision on whether to sell the business will be made on July 15.


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