Two Deloitte restructuring services partners have been appointed as voluntary administrators of retail group Howards Storage World ahead of its impending sale.
Deloitte administrators appointed to homewares retailer
Restructuring services partners Vaughan Strawbridge and David Lombe from Deloitte have been appointed joint and several administrators of the HSW Group, comprised of Howards Storage World Pty Ltd, HSW Corp Pty Ltd, Lealdir Pty Ltd and Plaza Home-Imports Pty Ltd, effective 9 December 2016.
The HSW Group operates 29 stores selling home storage solutions through a national store network under the name Howards Storage World, as well as through a national franchisee network.
Mr Strawbridge and Mr Lombe will undertake an assessment of the financial position of the HSW Group and look to sell the HSW Group, while the company continues to trade on a business as usual basis.
“It’s very early days as far as our appointment is concerned and we have commenced an urgent assessment of the group’s financial position. We appreciate that this is going to be a difficult and uncertain time for affected customers, franchisees and employees, as well as suppliers,” Mr Strawbridge said.
“The immediate priorities are to continue to trade; communicate with all stakeholders including franchisees, staff and suppliers; and to commence a sale of business process.”