LIQUIDATION of stock will begin at Warrnambool’s Sleep City in a matter of weeks following the company’s collapse into administration.
Nanjing Night Net

Customers with bed orders not in stock have been told they can select alternative in-store items to the same value. The store, which employs seven people, is one of 64 around Australia which will shut its doors.

Kate Bryant, a spokeswoman for administrators Price Waterhouse Coopers, said since their appointment they had been attempting to complete all outstanding orders where the stock was available.

“If the stock ordered is unavailable, we have been providing customers with the ability to select alternative in-stock items,” she said.

“The administrators are not in a position to order additional stock from suppliers, but rather are focusing on completing orders and maximising the value from the stock on hand.

“The administrators have a duty too and are seeking to maximise the outcome for all creditors of the companies, including employees, suppliers and customers.”

Ms Bryant said the store would close within the next six to eight weeks.

The administrators have engaged Hillco Merchant Australia to conduct an orderly liquidation of the remaining stock in the stores and distribution centres over the next six to eight weeks, she said.

Sleep City and Everyday Living stores are brands owned by parent company Furniture and Bedding Concepts.

The decision to close the stores was announced on Monday and Price Waterhouse Coopers partner Michael Fung said the financial position of the businesses simply didn’t allow for them to continue trading.

The company has 450 staff across the country and Mr Fung said as many as possible would continue to be employed while the wind down was completed, but after that point all staff would be made redundant.

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