Sale of BabyCo saves 45 jobs and brandDOWNLOAD
Six stores, 45 jobs and a well known Australian retail brand have been preserved as a result of yesterday’s sale of the BabyCo Group by Liquidators, Deloitte partners Tim Norman, Simon Cathro and Sal Algeri.
The retail chain of the baby nursery furniture and manchester products business has been sold to a private investor, Australian Yarn Pty Ltd, for an undisclosed sum.
The agreement to buy the business was reached yesterday (Monday 18 January 2010) and provides for the management of Australian Yarn Pty Ltd to begin operating the business immediately under licence. It also provides for ongoing employment for the 45 loyal staff that have been employed by the business throughout the liquidation process.
Mr Norman, Mr Cathro and Mr Algeri were originally appointed as Voluntary Administrators of Swallow Baby Carriages Pty Ltd and Baby Holdings Pty Ltd (both trading as BabyCo) on 28 August 2009 and as Liquidators on 4 December 2009. The Liquidators have continued trading the business during the sale period and have completed a significant number of outstanding customer orders over the five month period.
The sale includes the following stores:
“The Liquidators would like to thank employees, suppliers and customers for their patience and support during the course of the administration and liquidation,” said Tim Norman. “The new owners’ existing retail and wholesale experience should provide a foundation for their plans to continue to operate the six open stores. It is our understanding that the additional stores that have been closed temporarily during the administration will also be reviewed by the new owners.”
Mr Norman advised that remaining creditors to Swallow Baby Carriages Pty Ltd and Baby Holdings Pty Ltd will be provided with a further creditors report in due course to outline the findings of the Liquidators in this appointment. Any further creditor enquiries to the original companies can be directed to email@example.com.