By James Wells
SYDNEY: Reports from suppliers to Retravision NSW, which is under voluntary administration and has entered into receivership, have estimated its debt at over $50 million including $17 million owed to Westpac bank.
Several suppliers who have contacted Current.com.au estimate that a quarter of the 120 stores in the group will not survive the receivership and administration period.
Retravision Australia chief executive officer, Keith Perkin, distributed a statement to all Retravision NSW stores this afternoon which stated the intention to re-open supply to “viable New South Wales stores”.
“We wish to advise that following a meeting yesterday, and some discussion with major suppliers, a formal proposal designed to open up supply has today been given to the Retravision (NSW) receiver/manager,” Perkin said in his statement.
“If this proposal is accepted, we can provide an agreement to viable New South Wales stores to give you immediate ability to order stock.
“We expect a decision within 24 hours and, as all parties have been positive about the potential to re-open supply lines, we are confident that you will be in a position to order stock very soon.
"I would strongly urge you not to make any decisions in relation to your own store’s supply chain until we have heard from the receiver/manager.
"Please rest assured we are working around the clock to expedite this matter and we will be in touch as soon as we have heard back from the receiver/manager."