By Patrick Avenell
Retravision Southern, the group buying company representing 55 electrical store members in Victoria, Tasmania and New South Wales, has been placed in voluntary administration. This comes three days after the company held crisis talks with its members (Friday 18 May 2012).
In a statement sent to Current.com.au, new administrators KoraMentha said this move did not affect Retravision WA or Retravision Northern (Queensland and the Northern Territory).
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The full statement:
"Mr Bryan Webster and Ms Leanne Chesser of KordaMentha were today appointed voluntary administrators of Retravision Southern Limited (RVS).
"RVS acts as the buying and marketing licensor for retailers of electrical goods operating under the Retravision brand in Victoria, Southern New South Wales and Tasmania.
"Established in 1961, RVS is an unlisted public company which employs approximately 35 personnel. It should be noted that the appointment is NOT over the independent Retravision stores which continue to operate. Nor does it apply to Retravision Western and Retravision Northern which operate in other States and northern NSW.
"Mr Webster said the company’s ability to operate as a going concern had been impacted by the industry wide decrease in consumer discretionary spending being experienced by retailers.
"Mr Webster said Retravision customers should liaise with retail stores about orders and lay-bys. Existing gift cards will be honoured and there is no reason why manufacturers’ warranties would be affected.
"The process of voluntary administration is designed to quickly explore the options for RVS. The voluntary administrators will be writing to all creditors to provide notice of the date and location of the first meeting of creditors.
"The first meeting of creditors will be held within eight business days."