Australian music retailer Allans Billy Hyde has entered voluntary administration after a string of recent store closures, with administrators Ferrier Hodgson blaming the closure on overall poor retail conditions.
Both Allans Billy Hyde Pty Ltd and Gallin’s Musician Pro Shop Pty Ltd have entered administration, and the trading entities for Australian Music Group, which owns Allans Billy Hyde, have also been placed into administration. Australian Music Group is reportedly subject to a wind-up application by the Australian Taxation Office (ATO).
Speaking to SmartCompany, administrator John Lindholm said Ferrier Hodgson is currently in the process of seeking expressions of interest for Allans Billy Hyde, looking for buyers to acquire its business and assets.
“Over the next month we’ll be looking to get a sale, and hopefully preserve the business and online business. Allans Billy Hyde is a brand that’s been around for 100 years, so we think there’s some value in it,” he says. Read more
Dominic Powell – Smart Company – 22 June 2018