Sydney retail group Computer Interchange has fallen on hard times and appointed local chartered accountants Holzman Associates as administrators.
At the height of its success the company ran more than 10 outlets in suburban and inner-city Sydney locations and another in Newcastle.
Computer Interchange managing director, Merdad Shetab, said that the business had appointed an external administrator but declined to comment further.
Administrator, Manfred Holzman, said that only days prior to his appointment on the January 6, all but two of the stores had been closed. The two stores were operating purely to facilitate the return of repair stock. All remaining stock from the retail outlets had been moved to Computer Interchange’s warehouse in the suburb of Leichhardt.
Holzman said that his preliminary estimates found the business owed creditors just under $1 million. Most of these creditors were IT vendors and wholesalers. There were also six customers who paid deposits for goods that they did not receive. Holzman expected these customers to receive financial restitution through their credit card agencies.For more on Computer Interchange, see this week's issue of ARN