Life Style Store goes into administration: Australia's 'largest audio-visual' company collapses with staff laid off
Life Style Store was placed into administrationThe 35 staff who worked there have been laid off READ MORE: HS Fresh Food goes into voluntary administration
An audio-visual retailer has collapsed, leaving 35 staff without jobs and more than 60 customers without the goods and services they paid for.
Life Style Store Pty Ltd, based in Parramatta, western Sydney, was placed into administration last week.
The home theatre store had turned over $100million in revenue over the past seven years and described itself as the 'largest specialist audio-visual retailer in Australia'.
The 35 staff who worked at Life Style Store have now been laid off.
After 23 years in business, Ken Whittingham and Mark Robinson of insolvency firm Fort Restructuring were appointed as administrators.
An audio-visual retailer has collapsed, leaving 35 staff without jobs and more than 60 customers without the goods and services they paid for
In a statement, they said the business had collapsed following a dispute between another business, which went into liquidation earlier this year.
'We are at the early stages of what we expect will be a complex administration,' they told news.com.au.
Two other sister businesses linked to Life Style Store also collapsed this year.
Theatre at Home was placed into administration after shopfront landlords demanded outstanding rent.
Theatre at Home had eight stores in Sydney, Melbourne, Brisbane, Adelaide and the New South Wales Central Coast, which closed in April with one creditor allegedly owed $4.5million.
A related audio-visual technology company, ROQO Pty Ltd, also went into liquidation last month.
Two other sister businesses linked to Life Style Store also collapsed this year
Rumours about Life Style Store's administration appointment have been circulating on, but these were shut down by the business.
'Life Style Store is not under external administration,' the company wrote on Facebook in April
'We are truly sorry for what has transpired and ask for your patience and support as we continue to explore all options.'
Less than a month later, the business was placed into administration.
It is understood that some customers had filed papers with the NSW Civil and Administrative Tribunal to recover their money.
Read More
BREAKING NEWS
Building company collapses with staff laid off and more than 100 projects left on pause
