The remaining Allans and Billy Hyde music stores are set to close within the next few weeks, after a buyer failed to come forward for the stricken businesses.
Receivers Ferrier Hodgson said that efforts to find a buyer for the stores had failed, two months after the brand’s owner Australian Music Group went into administration owing around $40 million to creditors.
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The company operated 25 company-owned stores with four run by franchisees.
Nine bullish after debt deal
Nine Entertainment chief executive David Gyngell has said the broadcaster is set for a “rock and roll year” following a deal that wiped out the broadcaster’s debt.
Lenders have agreed to wipe out Nine’s $3.2 billion debt in an equity deal that Gyngell said will force the “doomsayers” to “eat their words”, according to Fairfax.
Gillard looks to bolster India ties
Julia Gillard has agreed to talks with India over selling uranium to the country, despite concerns over the safety of the country’s nuclear infrastructure.
On a visit to India, the Prime Minister agreed to thrash out a nuclear safeguards agreement with her counterpart Manmohan Singh, as well as strengthen diplomatic and trade ties between the two nations.