Contact: Melinda Loew
Deloitte
Media & Communications Manager
0404 058 616

Contact: Peter Yates
Deloitte
Partner, CRG
02 9322 7352

Deloitte partners Peter Yates and David Lombe have been appointed Receivers and Managers of Retravision (NSW) Limited today by Westpac.

The 120 owner-operated stores in NSW are not part of this receivership and are not in receivership. Other interstate Retravision groups are also unaffected as they are separate entities, excluded from the receivership.

The appointment of the Receivers follows Retravision (NSW) directors placing the company into Voluntary Administration.

The Receiver and Managers have taken control of the business and will assess the financial position of the retailer, with a view to restructuring and immediately selling the buying group.

Mr Yates said the full financial position of the NSW group is still to be assessed, but it is believed there are 30 major creditors.

"The problems for Retravision (NSW) are due to the collapse of two member stores resulting in the Directors writing off debts of $17 million and increasing the doubtful provisions to $7.6 million in the accounts for the year ending 30 June 2006.

"All stakeholders will be kept advised about the NSW group’s position. We will provide store owners and the NSW Group’s employees with as much information and support as possible during the receivership," Mr Yates said.