National furniture chain collapses
The parent company of 40-plus store franchise chain The Outdoor Furniture Specialists has become the latest retail causality of 2018, having fallen into administration last week.
The Queensland-based business is now in the hands of Anthony Elkerton and Justin Holzman of DW advisory, who were appointed Joint & Several Voluntary Administrators of the business.
It is understood that franchisee networks are continuing to trade while the franchisor is insolvent ahead of a creditor meeting scheduled for 6 February.
“At this stage, the administrators are investigating the affairs of the Company, and a report to creditors will be issued in approximately four weeks,” DW advisory said in a statement.
The Outdoor Furniture Specialists toutes itself as the largest specialist oudoor furtniture retailer in Australia and has been in operation for more than 25 years.
Stores sell a range of outdoor dining, lounges, tables, chairs, umbrellas and accessories.
The franchisor isn’t the first retail chain to fall into administration this year, with women’s pluz-size brand Maggie T also collapsing in January.
Late last year larger brands such as ASX-listed accessories retailer Oroton Group and online surfwear retailer Surfstitch also fell into administration amid a continuation of difficult trading conditions in the retail sector.
DW advisory has not been appointed as the administrator of any franchisees within the network.
Craig posted on January 31, 2018
The amazon impact on OZ retail, yet to be properly felt, will be severe! Watch this space!
Evan posted on February 1, 2018
I agree, though the government which we have are to blame for all of this pain. I saw the finance minister on CNN the other morning in Davos Switzerland going on how good Australia's economy is, does he realise all this is going on.