ONE Group Retail Holdings Pty Limited: (In Liquidation)DOWNLOAD
21 February 2013: Deloitte Partners Sal Algeri and Tim Norman have been appointed Liquidators of Australian fit out specialist, One Group Retail Holdings Pty Ltd ACN 122 153 744 and its three subsidiaries, One Group Retail Manufacturing Pty Ltd ACN 008 883 654, One Group Retail Maintenance Pty Ltd ACN 123 587 486 and One Group Retail Project Management and Installation Pty Ltd ACN 096 706 964 (“ONE Group”).
Managing the store fit out process from end-to-end, ONE Group employed a network of around 170 staff out of offices in Victoria, New South Wales, Queensland and Western Australia. They specialised in creating retail fit outs including signage, rebranding and the roll out of point of sale systems, across Australia.
Joint Liquidator, Sal Algeri said, “We will be making an assessment to understand what work in progress can be completed and gauging the potential interest for a trade sale. Given the current trading position we expect to be downsizing the workforce immediately. Our investigations into the affairs of ONE Group are just beginning, and we expect to know more over the coming few days.”
Commenting on the factors that may have led to the liquidation Sal Algeri said, “The Australian retail market has been extremely challenging for some time. Many domestic players are responding to the increased competition from overseas and margin pressures by investing in online strategies. All of these factors have resulted in less new store openings and upgrades which has negatively impacted ONE Group.”
For information on FEG: http://deewr.gov.au/fair-entitlements-guarantee-feg
ONE Group was created when Australasian Retail Projects, JRB, Focus Shopfitters and FINN came together in 2010.
NB: See our media releases and research at www.deloitte.com.au.