ROWVILLE, Victoria, Australia — After the 2010 merger of Allans Music and Billy Hyde Music, Australia Music Group Holdings (AMG)-owned Allans Billy Hyde had a reported $110 million in sales and 25 percent share of market. But on Aug. 23, 2012, the merged company, which can trace its lineage back to 1850, was placed into receivership by administrators for a group of investors owed a reported $27 million. At the time, there were 25 company-owned shops and four more franchised locations, with close to 500 employees.
Those developments don’t bode well for the venerable retail chain, but creditor administrators were reported to be hopeful that the stores could continue operations while buyers for some or all of the retail operations were sought. Going forward, however, gift vouchers will not be honored and deposits not refunded, according to news reports. The total amount owed to unsecured creditors is estimated to be $13.5 million, with about $3 million more in employee entitlements, according to reports.
For more information, please visit www.allansbillyhyde.com.au.
