By James Wells

SYDNEY: Retravision New South Wales has appointed a receiver to four stores trading under the ‘Valtel’ banner.

“Unfortunately we have appointed a receiver manager to the Valtel stores. The receiver intends to trade the business for a period in an endeavour to sell the stores as going concerns,” Retravision NSW said in a statement to New South Wales sales managers, New South Wales credit managers and all Retravision shareholders.

The four stores in receivership are Valtel Retravision Hornsby, Valtel Bose and Sony Centre located at Hornsby, Valtel Retravision Chatswood and Valtel Retravision Warehouse at Hornsby.

Sony Australia national sales manager, David Hargreaves, told that he was upset by the news.

"We have been advised that a receiver manager has been appointed to the Valtel stores. Obviously this is disappointing news – we’ve had a good business partnership with the Valtel group over some years. Unfortunately it’s a sign of the times – the result of a tough retail market and increased competition in the area."

Martin Green from GHK Green Krejci Pty Ltd has been appointed as receiver for the Valtel stores.