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The directors of the failed Kleenmaid appliance group have turned to YouTube to communicate the failures of the group. In what appears to be a scripted professional presentation one of the directors, Bradley Young said that a 25% slide in sales, a declining Australian dollar and a lack of investment funds had led to the Company calling in the administrators after the Company had amassed debts in excess of $76M.
The directors Bradley and Andrew Young have also admitted that up to 150 staff employed by the Sunshine Coast firm has been laid off and that the company is also six months behind in staff superannuation payments.
In the YouTube video Bradley Young said that Deloitte had been called in as administrators in an effort to achieve a “deed of Company arrangement” and that the process of calling in administrators had been a “painful experience”.
SEE VDEO HERE: Kleenmaid Directors
It also appeared from the video that the appointment of the administrators was being used by Bradley and Andrew Young to find potential new investors however several retail analysts that ChannelNews has spoken to on the issue say that there is little hope for the Company as the appliance sector of the market is depressed and “the opportunities for an Australian appliance Company is slim” said a ContiGroup analyst.
Kleenmaid director Andrew Young on the issue of non payment of Superannuation payments “I’m confident that’s not an isolated case that’s related to Kleenmaid alone,” Mr Young said.
“So that’s another cash pressure that’s been on the business and certainly that is something that we’re unhappy to disclose but unfortunately that’s the circumstances.”
