Seven Retravision NSW stores hang in the balance

By James Wells

SYDNEY: Retravision national CEO, Keith Perkin, has confirmed that seven stores from the former Retravision NSW business may be forced to remove their signage on March 30, unless they sign their Interim Licence Agreement.

Perkin, who was unable to identify the stores at this stage, said that the stores have until the close of business on Friday 30 March to sign the agreements which would see them join either the Retravision Southern group or the Retravision Northern group.

"There were 120 Retravision NSW stores to start with and 22 of these went to other groups. There were 11 stores that closed and there are seven which are undecided and have until Friday 30 March to clarify their position. They will have to sign the Interim License Agreement offered by other companies or they will need to remove their signs on 30 March."

According to Perkin, the national office had a target of 85 stores that they wanted to migrate to the Northern or Southern businesses and of these 80 have transferred. The target was obtained after the administrators, Grant Thornton, identified 85 stores that were paying their bills on a regular basis.

"It was not so much that five stores of the 85 stores that we targeted did not make it — some left the group who were in the target of 85, while others settled their debts with the receiver. Basically the difference between our target of 85 and where we ended up was five stores. Our key message is that we have got extremely close to where we set out to be."

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