One Of Australia's Biggest Mobile Phone Retailers Is BUST
Australia’s larger independent phone retailer, Allphones, has gone into administration and it will affect hundreds of staff from more than 80 stores across the country.
The ABC is reporting the write-off is coming just a year after Optus, who also owns the Virgin Mobile brand in Australia, withdrew their products from all Allphones stores.
The companies staff were briefed on the news on Monday.
In a statement to NewsCrop, PPB Advisory has confirmed that it had been appointing to eye the voluntary administrator of Allphones.
“Despite financial support from the shareholder and significant efforts to deliver a successful turnaround, the shareholders are unable to continue funding the group’s losses,” PPB Advisory said in its statement.
“The Board of each entity (there are nine in total) has been left with no option other than to place each entity in the Allphones Group into Voluntary Administration this morning.”
PPB Advisory confirmed 18 company-owned Allphones branded stores would be closed today due to insufficient funding to keep the stores trading during a sales process.
“As a result, 69 employees were made redundant today,” they said.
Phil Carter of PPB Advisory said: “We are today undertaking an urgent review of Allphones’ business to stabilise the current operations and store network, and ensure that the employees impacted by the store closures today are fully supported.”
“Our immediate priority is to work with Allphones’ staff, franchisees, licensees and other key stakeholders to allow the remaining store network to continue trading on business as usual basis.”