On 15 April 2019, Riad Tayeh, Antony Resnick and Mark Robinson of de Vries Tayeh were appointed as voluntary administrators of the 2nds World group of companies.
2nds World is Australia’s leading factory seconds appliances retailer. Headquartered in Cremorne, Sydney, 2nds World has five stores in New South Wales at Auburn, Caringbah, Castle Hill, Cremorne and Penrith. It also has a large online shop at 2ndsworld.com.au.
The Administrators aimed to execute an urgent sale process as a going concern with 2nds World continuing to trade for a limited period.
On 3 May 2019 – less than three weeks after the announcement – Gerry Harvey announced plans to purchase 2nds World and shortly after, a strategy was confirmed.
2nds World Auburn and Castle Hill were rebranded Harvey Norman 2nds World after an asset purchase of stock, fixtures and fittings and renegotiated store leases. 2nds World Penrith relocated to a new 1,000 square metre site in Harvey Norman and Domayne homemaker centre.
Haydon Meyers was appointed electrical proprietor for Auburn, Ley Wotherspoon for Castle Hill and Bob Negroh for Penrith. These proprietors filled other sales roles in these stores with former 2nds World team members.