A children’s retail business with three stores specialising in furniture, homewares and accessories has entered administration, after trading for more than 12 years.
The collapse comes during a shocking year for the retail industry, which has already seen announcements that more than 650 stores will close and more than 1,600 staff will lose their jobs.
Pink Pomegranate, which is trading as Treehouse Childrens Décor Co. was placed in administration on July 16, with BRI Ferrier appointed. The firm was contacted by SmartCompany this morning, but a reply was not available prior to publication.
The business itself was also contacted, but SmartCompany was told managing director Michael Sharp was attending a creditors’ meeting and would not be able to reply.
The business has three stores, two in New South Wales and one in Chadstone, Victoria, and is turning over approximately $3 million a year, with 15 staff and stock worth more than $300,000. According to the administrators, the company also contains design, manufacturing and import divisions.
BRI Ferrier is attempting to sell the business, claiming it has a large database, along with an established online sales channel and a warehouse/outlet store in Marrickville, NSW.
The business was founded by Sharp, along with his wife Jodi, when they were expecting their first child. The chain sells furniture, accessories and homewares, which the company claims is the most extensive in the local market.
The sale of the business comes as the retail market continues to struggle. Most recently, Myer announced it would be cutting a further 100 jobs, just after chocolate chain Darrell Lea said it had been placed in administration as well.
Also this year, video game retailer Game was placed in liquidation, closing 92 stores and laying off more than 500 staff.