Feeds

Oz channel takes another hit as receiver moves in on WOW

Weak sales, property debts take their toll

The essential guide to IT transformation

Another of Australia’s struggling bricks-and-mortar gadget retailers is in trouble, with the WOW Audio Visual Superstores chain put up for sale by receivers Ferrier Hodgson.

The company had expanded its original operation in Cairns, Queensland, to launch nine other stores in Queensland and five in other states (Albury and Coffs Harbour in NSW, Canberra, Shepparton in Victoria and Darwin in the Northern Territory).

While being read as another symptom of Australia’s weak retail environment, the company operating the business has had to deal with a $AU20 million debt from a property developer’s collapse. When property developer Aristocon went into administration in 2010, it owed $AU27 million to WOW.

WOW’s stores were built by Aristocon, and the two companies formerly shared board members.

It owes $AU26 million to unsecured creditors, which much of that owed to vendors and distributors, and has 500 staff. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

Best practices for enterprise data
Discussing how technology providers have innovated in order to solve new challenges, creating a new framework for enterprise data.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?