17 OCT 2012: This received today:
(Pic: Billy Hyde Adelaide today. Store closing)
The Receivers and Managers of Australia’s largest independent music retailer, Australian Music Group Holdings Pty Ltd (AMG), trading as Allans Billy Hyde, have announced that efforts to sell the business have failed and it will be closed down.
The 513 remaining AMG employees will be made redundant over the next few weeks as the closure process comes to an end. Previously during the receivership, 80 employees had already been made redundant. A number of other employees resigned during this period.
All stores are now in hard closedown mode, with a stock sell-out sale well underway. Final closure is expected early in November.
The receiver, Mr Brendan Richards, thanked all staff for their efforts throughout the receivership.
“The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business,” Mr Richards said. “These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country.”
Mr Richards said the Receivers will work with the Administrator to enable all employees to make claims for their entitlements through the Government Entitlements and Redundancy Scheme (GEERS) as quickly as possible.
At the time of the appointment, AMG, which incorporates Allans Billy Hyde, Musiclink Distribution and Intermusic Australia, employed approximately 613 people, with 25 company-owned stores, and four franchise stores. The franchisees are independent and are not affected by the receivership. All other stores will close.