Ballarat’s Allans Music store is closing down after receivers failed to find a buyer for the shop’s parent company, Australian Music Group Holdings. PICTURE: LACHLAN BENCE
LAY-BY holders at Allans Billy Hyde music store in Ballarat must pay in full within weeks or risk losing their purchases.
Anyone who hasn’t finished paying for their lay-by when the store closes will have to negotiate with the administrator, who will regard the purchase as “unsecured debt”.
This comes after receivers Ferrier Hodgson failed to find a buyer for the parent company, Australian Music Group Holdings, leaving 513 people out of a job nationwide.
Yesterday, a spokesperson for Ferrier Hodgson said those with lay-by purchases needed to be quick.
“The receivers are encouraging the holders of any valid lay-bys to finalise their purchases as quickly as possible, as stores are expected to close in the next few weeks,” the spokesperson said.
“Any lay-bys that remain outstanding when the stores close will be regarded as an unsecured debt and will need to be pursued with the administrator.”
Customers of the Mair Street store have expressed sympathy to the soon-to-be redundant staff and have even offered them jobs.
While some staff have news jobs lined up, others are still looking.
Ballarat staff have been told they can’t speak publicly, but wish to thank their customers of many years.
The community has also been taking advantage of the massive markdowns in prices at the store, but have told staff they feel like they’re being “vultures”.
The receiver’s sale is expected to last for a few more weeks or until stock is sold out.
The Courier understands that the Ballarat store itself – separate from the rest of the company – had been successful.
The Melbourne-based company has 27 stores and was placed into administration in August after London-based majority shareholder Revere Capital refused to offer further financing for the business in the build-up to the Christmas season.
jordan.oliver@thecourier.com.au
