By Patrick Avenell
ADELAIDE, SA: The Truscott’s brand of Retravision WA stores in South Australia is in the hands of receivers, with Ernst and Young called in to assess the financial state of the business. Although details are currently scarce, Current.com.au understands that some stores ceased trading over the weekend, with the doors being locked for both staff and consumers.
Originally part of the Betta Stores Limited group, Truscott’s was purchased by Christopher and Janine Starrs in 2006, after the collapse of the Betta’s previous incarnation. At the time of this purchase, reportedly worth over $22 million, Starrs said he and his wife had vast experience in retail.
“Both Janine and I come to this activity with substantial experience in business, with a strong marketing orientation and my wife in particular has [a] strong accounting and auditing background,”
said Starr at the time.
“We are determined that we are going to make Truscott’s back into the thriving local company it was.”
Unfortunately for the Starrs, and for Retravision WA, they have been unable to fundamentally transform the Truscott’s business. Despite being in the hands of receivers, however, Current.com.au understands that a number of Truscott’s stores were profitable, even at the time of this collapse, and that another white knight may be found to save some of the stores.
Do you know what happened to Truscott’s? Are you an employee with a story to tell? Email me in confidence or call 02 8586 6165.