Pictured today, the flagship Sydney store in the chain of 30 Allens Billy Hydes outlets. The Liquidation Sale is just that – the stores, and importer Music Link, are on the block today after entering voluntary administration. (Franchised stores are not included).
It’s a sad day for three hundred staff across Australia. The Music Link business will now be decimated and worth nothing as other distributors seize prized brands.
CX can’t see too many of the music stores sold off, and Ferrier Hodgson have scored an own-goal by announcing today that outstanding gift vouchers will not be honoured – nor will deposits be refunded.
Ferrier Hodgson’s short sighted move will ensure the retail brand dies quicker – doing nothing to preserve the brand would avoid the consumer backlash that has today overtaken the store brand.
Stage Systems Hire is the strongest component of the group, and can expect to be sold quickly.