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5 Feb 2020 (TheAge) – Retail: Colette by Colette Hayman collapses, 140 stores at risk

(5 February 2020, The Age, p12, By Dominic Powell) ‘Poor trading and a failed funding agreement have led to the collapse of women’s fashion retailer Colette by Colette Hayman, placing 140 stores and hundreds of jobs at risk in the ongoing brutal retail environment. The handbags, jewellery and fashion accessories brand was put in the … Continue reading

24 Jan 2020 (AFR) – Jeanswest to close quarter of stores in attempt to lure buyers

(24 January 2020, AFR, p17, Sue Mitchell, Senior Reporter) ‘Struggling casual clothing retailer Jeanswest is closing one quarter of its stores, with the loss of 263 jobs, in an attempt to lure buyers after falling into voluntary administration last week.’ Read more at AFR.com (might need AFR login access)

16 Jan 2020 (TheAge) – Fashion chain Jeanswest collapses as retail sector continues to struggle

(16 January 2020, The Age, Business, p24, By Dominic Powell) ‘National fashion chain Jeanswest has been placed into voluntary administration, blaming high rents as it becomes the fourth victim of Australia’s languishing retail market since the start of the year. KPMG’s Peter Gothard and James Stewart were appointed administrators of the chain on Wednesday afternoon, … Continue reading

11 Jan 2020 (AFR) – Fallen icon: The undoing of Harris Scarfe

[COMMENT: The current challenges for retailers…] (11 January 2020, AFR, p19, Carrie LaFrenz, Senior Reporter) ‘December is supposed to be the busiest time of the year for retailers as Christmas approaches and shoppers make last-minute purchases. But that wasn’t the case for South Australian retail icon Harris Scarfe, which had been struggling for years with … Continue reading

23 Oct 2019 (AFR) – Case study: Judge takes three years to write Babcock judgement

[COMMENT: Just for the record, here is a follow up to, and a re-cap of, the disastrous affairs regarding the failure of Babcock and Brown during the GFC. This is a good example of a large well-respected company that some investors thought was blue chip and could not fail, and in which they left their … Continue reading

5 Sept 2019 (AFR) – Retail, Fashion: Karen Millen winds down in Australia

(5 September 2019, AFR, p19, Sue Mitchell, Senior Reporter) ‘British-based fashion retailer Karen Millen is withdrawing from Australia, joining a growing list of retailers that have collapsed or shut up shop in the last 12 months. Karen Millen, which went into administration in the UK last month, has appointed Richard Hughes, Tim Norman and Michael … Continue reading

21 Feb 2019 (AFR) – Troubled Jin Lian Group sells its Carlingford site for $21.5 million

(21 February 2019, AFR, p36, by Su-Lin Tan) ‘Receivers and managers appointed to private group Jin Lian Group have sold its 7843-square-metre apartment site in Sydney’s Carlingford for $21.5 million, as the number of developers struggling to launch projects and yielding to the pressure of a slowing market rises. Carlingford, a suburb 18 kilometres north … Continue reading

13 Feb 2019 (TheAge) – Nearly $60 million in customer money mixed up at collapsed broker

(13 February 2019, The Age, Business, p25, by Sarah Danckert) ‘Administrators picking through the wreckage of one of the country’s largest online broking houses Halifax Investment Services, have found that $57 million in money invested by clients has been mixed up with funds belonging to the company. Halifax collapsed before Christmas, freezing $210 million invested … Continue reading

4 Dec 2018 (TheAge) – Laura Ashley collapses for the second time in two years

(4 December 2018, The Age, Business, p25, by Patrick Hatch) ‘British homeware and fashion brand Laura Ashley’s Australian business has gone into administration – the second time it has collapsed in two just years. The company appointed KordaMentha as voluntary administrators on Monday, which has put its 18 stores and the licence to operate the … Continue reading

23 Nov 2018 (AFR) – RCR Tomlinson to be split up and sold after ‘staggering’ collapse

(23 November 2018, AFR, p19, by Jenny Wiggins) ‘Engineering group RCR Tomlinson will be sold after being put into administration because it could not afford to complete its solar farm projects, despite the company raising $100 million from investors just three months ago. Administrators McGrathNicol will put RCR up for sale immediately, and it is expected that … Continue reading

19 Oct 2018 (AFR) – Global giants Uniqlo, H&M and online onslaught kills Roger David

(19 October 2018, AFR, p25, by Simon Evans) ‘The onslaught of international fast fashion retailers H&M and Uniqlo, fierce competition from online retailers and high rental costs for bricks and mortar outlets have forced budget menswear chain Roger David into administration after its owners were unable to find a last-ditch buyer.’ Read more at AFR.com (might … Continue reading

28 Aug 2018 (AFR) – Big Un appoints Deloitte as administrator

(28 August 2018, AFR, p19, by Jonathan Shapiro) ‘Big Un Limited, the controversial ASX listed online video producer has called in the administrators, dashing the faint hope among shareholders that they will recover their money. Deloitte Restructuring Services said it was appointed on Friday in a statement posted to the exchange on Monday. It comes … Continue reading

4 Aug 2018 (AFR) – Turning residential market puts pressure on developers – and investors

(4 August 2018, AFR, p5, by Michael Bleby) ‘The deteriorating residential property market will pressure developers as funding costs rise and prices fall, creating extra risks for investors.  The residential market slowdown that pulled prices down 1.6 per cent in July, their steepest annual fall in six years, marks a turning in a housing construction cycle that has … Continue reading

11 July 2018 (AFR) – Melbourne home builder Bayside Construct goes into administration

[COMMENT: Snippets from this new story provide a scary insight into the current state of health of the building industry.] (11 July 2018, AFR, p29, by Michael Bleby) ‘Melbourne builder Bayside Construct, which won a national award last year for the country’s best medium-rise residential development, has collapsed under debts of about $20 million. Cor … Continue reading

29 Mar 2018 (AFR) – Property deals jeopardised by Deposit Power deposit guarantee uncertainty

(29 March 2018, AFR, p57, by Duncan Hughes) ‘Thousands of property buyers caught in the collapse of Deposit Power are being warned by liquidators that they cannot be told when or how much of the original value of their deposit guarantee bonds will be paid. That means growing risk that the property deals will be … Continue reading

29 Mar 2018 (AFR) – Project Group collapse just the first of many in overheated market, subbies warn

(29 March 2018, AFR, p57, by Michael Bleby) ‘The collapse of builder Project Group is the first of many to come in the overheated Victorian construction market, according to subcontractors membership group Subbies United. Conditions that triggered Melbourne-based Project Group to go into voluntary administration last week, such as fixed fees and rising costs, were … Continue reading

3 Feb 2018 (AFR) – Seeds of doubt in Quintis forestry trail

[COMMENT: An interesting insight into some of the things that might go wrong for investors.] (3 February 2018, AFR, p27, by Vesna Poljak) ‘Missteps bedevilled the timber project developer. “The long and short of it is that forestry assets take time to mature, which requires capital, which, in turn, requires trust. With trust gone, the … Continue reading

25 Jan 2018 (AFR) – Quintis: Inside the year that broke the sandalwood grower

(25 January 2018, AFR, p37, by Vesna Poljak) ‘In March 2017, a celebrity crowd toasted the rebranding of sandalwood grower Quintis at the Glasshouse in Melbourne’s sporting precinct. AFL boss Gillon McLachlan attended with cricketers Ricky Ponting and Adam Gilchrist, a former director of the company back when it was known as TFS.’ <snipped…> ‘This … Continue reading

16 Jan 2018 (AFR) – ‘Hundreds of firms at risk’ if construction giant Carillion fails survival

(16 January 2018, AFR, p32, by Iain Withers) ‘Crisis-hit construction firm Carillion’s future remained in the balance last night as the Government held last ditch talks on whether to bail-out some of its most troubled contracts. Accountancy firm EY was waiting in the wings to potentially put the 5.2 billion pound ($9 billion) revenue contracting … Continue reading

1 Dec 2017 (AFR) – OrotonGroup collapses into administration – The latest retail casualty

(1 December 2017, AFR, p19, by Sue Mitchell) ‘The “rags to riches in three generations” adage has played out again. This time it’s family-controlled retailer OrotonGroup, which has fallen into administration. Sydney’s wealthy Lane family, the major shareholder in the upmarket accessories chain, must be regretting a decision 12 years ago to reject takeover offers from … Continue reading

14 June 2017 (TheAge) – Ten Network scrambles to escape corporate undertaker

(14 June 2017, The Age, BusinessDay, p19, Elizabeth Knight) ‘It is difficult to see how Ten Network can escape the corporate undertaker after losing the support of the three billionaires, Lachlan Murdoch, James Packer and Bruce Gordon, who until last weekend had been keeping it afloat. The network has a $200 million loan with the Commonwealth … Continue reading

14 June 2017 (TheAge) – Ten board mulls options – Puts shares on ice while it considers company’s future

(14 June 2017, The Age, BusinessDay, p19, Lucy Battersby) ‘The board of Network Ten has until Thursday to consider the company’s future, after two key shareholders pulled their backing for the broadcaster’s debt. The board must now decide whether it places Ten into voluntary administration or finds a new source of funding and restructures the … Continue reading

6 June 2017 (AFR) – CMF Projects owes 225 creditors, questions raised on trading

(6 June 2017, AFR, p33, by Matthew Cranston) ‘Creditors for collapsed Brisbane apartment builder CMF Projects have raised concerns about ever recovering money owed to them after company directors said failed attempts to find funding for the company in its final days had pushed it to the brink.’ <snipped…> ‘The builder, which has completed at least … Continue reading

12 May 2017 (AFR) – Apartment builder CMF Projects in administration

(12 May 2017, AFR, p3, by Matthew Cranston) ‘Brisbane apartment builder CMF Projects has called in administrators in what could be the first sign of a shake out in the cooling apartment market.   The builder, which has completed at least a dozen high profile apartment projects in Brisbane, is the first builder of any real … Continue reading

25 Apr 2017 (TheAge) – Fears of second Watersun collapse after building sites are abandoned

(25 April 2017, The Age, p13, Aisha Dow) ‘A major apartment builder in Melbourne has suddenly stopped operating, vacating its offices and abandoning building sites, in an impending second collapse linked to Watersun Homes. The Victorian arm of Watersun Homes, WSH Group, was recently placed into voluntary administration with $20 million in debts.’ Read more … Continue reading

1 Mar 2017 (TheAge) – Watersun Homes goes into administration

(1 March 2017, The Age, BusinessDay, p27, Simon Johanson, Emma D’Agostino) ‘A home building company that at one stage sponsored the St Kilda Football team, Watersun Homes, has gone into administration with the loss of 90 jobs. The residential builder was working on about 300 homes in metro Melbourne and regional Victoria when it was … Continue reading

8 Feb 2017 (AFR) – Rhodes & Beckett, Herringbone latest fashion victims

(8 February 2017, AFR, p3, by Sue Mitchell) ‘Less than a week after the collapse of fashion chains Marcs and David Lawrence, two more high-profile apparel brands – Herringbone and Rhodes & Beckett – have fallen victim to changing consumer tastes and increasing competition. Bruno Secatore, Daniel Juratowitch and Luke Targett of Melbourne-based advisory and turnaround … Continue reading

3 Feb 2017 (TheAge) – Retail rot spreads to Australia’s high-profile fashion labels

(3 February 2017, The Age, BusinessDay, p21, Catie Low) ‘The collapse of national fashion brands Marcs and David Lawrence has added another 1130 workers to the retail rout that claimed close to 2000 jobs in the sector before Christmas. And retail insiders claim the rot that took down Payless Shoes and Pumpkin Patch in December … Continue reading

19 Dec 2016 (TheAge) – More retail collapses tipped

(19 Decembe 2016, The Age, BusinessDay, p21, Madeleine Heffernan) ‘After analysing the financial health of retailers with more than 4000 stores, Macquarie says “profitability for apparel retailers remaining challenging”, particularly for unlisted companies, as retail sales moderate and the lower Australian dollar raises import prices. “Given the challenging retailer environment, we expect further retailers to enter … Continue reading

20 Sept 2016 (TheAge) – Sydney psychic advised BBY chairman Glenn Rosewall on ‘chakras and share prices’

[COMMENT: Now there might be some people who think that the considerations that are explained in this article are reasonable when it comes to managing a business; but many people wouldn’t accept this approach. The details in this article are truly eye-opening.] (20 September 2016, The Age, BusinessDay, p16, Michaela Whitbourn) ‘It is not often … Continue reading