Australian Brand & Retailer Unit Technologies Placed In Receivership
According to a Sydney Morning Herald story, Australian action sports and streetwear brand and retailer Unit Technologies has recently been placed in receivership, just three years after the company founders, brothers Paul and Ian Everest, were listed on the BRW Young Rich List with a net worth of $22 million in 2013. The report from the Morning Herald says:
Ferrier Hodgson partners Tim Michael and James Stewart have been appointed voluntary administrators. Mr. Michael said Unit, which operated seven stores in Australia, succumbed to a decline in local consumer discretionary spending.
He said the company would continue to run as normal while he and Mr Stewart tried to sell the brand.
”We are immediately calling for expressions of interest for a sale of the business as a going concern.” Mr Michael said all employees would continue to be paid and he expected the federal government’s General Employee Entitlements and Redundancy Scheme to cover their entitlements if the business cannot be sold.
A Ferrier Hodgson spokesman declined to say how much creditors were owed.