The receivers of collapsed music chain Allans Billy Hyde have announced all the company’s stores will close and more than 500 jobs will be lost as a result.
Brendan Richards of Ferrier Hodgson said in a statement Australian Music Group Holdings will be shut down.
“The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business,” he said.
“These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country.”
The 513 staff will be made redundant over the next few weeks. All the 27 stores will be closed.
The company collapsed earlier this year, after an injection of capital failed to save the business and investors called in receivers. It had been experiencing trouble for years, with the two groups, Allans and Billy Hyde, creating a new chain in 2010.
Complaints to ACCC rise in 2012
The number of calls to the consumer watchdog has jumped in the past year, with 198,000 calls made during 2011-12, according to the regulator’s latest financial report.
That figure is up by 50,000 from the previous financial year.
Non-store retail was the largest category attracting complaints and inquiries, responsible for 4,700 complaints, excluding scams.
“Store-based” retail was the second most popular category at 4,400 complaints.
Shares rise on good offshore lead
The Australian sharemarket has opened higher this morning following a positive lead from the United States, where a string of good corporate earnings have buoyed investor confidence.
The benchmark S&P/ASX200 index was up 40 points or 0.9% to 4,513.7 at 12.10 AEST, while in the United States the Dow Jones Industrial Average rose 127 points or 1% to 13,551.8.
Ten shares fall to all-time low
Shares in Ten Network have fallen 7.5% to 31 cents this morning after the company confirmed its deal with an outdoor advertising business fell through.
“While Ten has reserved its legal position regarding the purported termination, Ten and OMO remain in discussions with the aim of agreeing amended sale terms,” the broadcaster said in a statement.