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Yet another retail casualty as music icon calls in administrators
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Australia’s largest independent music retailer, Australian Music Group Holdings Pty, trading as Allans + Billy Hyde, was placed into receivership yesterday, following the appointment of administrators Ferrier Hodgson.
Ferrier Hodgson partners James Stewart and Brendan Richards are now the appointed receivers over AMG and associated entities including its wholesale distribution business, trading as MusicLink and Intermusic.
The appointment was made by the secured creditor (Revere Capital Pty Ltd) and extends to AMG’s wholesale distribution importing business, trading as MusicLink and Intermusic.
The collapse of the retailer, which specialises in musical instruments and live music accessories, was blamed on a decrease in consumer spending afflicting many Australian retailers, said Stewart.
Allans + Billy Hyde has 25 stores and four franchisee outlets, employing 500 people.
The collapse comes in the wake of several other causalties of the anaemic retail environment, with Retravision Southern, Game and among the high street names going under in recent months.
“Allans and Billy Hyde are two of the best known brands associated with live music in this country holding in excess of 25% market share in retail sales,” said Stewart.
“We are immediately calling for expressions of interest for a sale of the business as a going concern.”
One of AMC’s other businesses, Stage Systems, the hire company that services festivals and live concerts, will not be included in the recievership.
AMC Staff will continue to be paid by the receivers and employee entitlements are expected to be covered under the Government’s General Employee Entitlements and Redundancy Scheme (GEERS) if the business cannot be sold.
Outstanding gift vouchers cannot be honoured and deposits will not be refunded and affected customers will become unsecured creditors of the group.
Allans Music began in the 1850s in Melbourne’s Collins Street and merged with Billy Hyde in July 2010.
