By AMY SLESSOR
A $17-MILLION debt has forced Retravision (NSW) Ltd to go into administration and placed into receivership.
The company acts as the buying group for 120 owner-operated stores in NSW of unlisted electrical equipment.
These stores are not in receivership, as they are owned by separate individuals.
But the owners use the Retravision brand and receive other services such as IT support if they pay an annual sum to the holding company Retravision (NSW) Ltd.
Port Macquarie Retravision owner Ian Parker told the Port Macquarie News yesterday he did not want to comment until next week.
"We are still trading and have plenty of stock in the store at the moment," Mr Parker said.
In the Hastings there are also Retravision stores in Laurieton and Wauchope, who also are trading.
Retravision (NSW) Ltd owed money to more than 36 creditors after the collapse of Retravision stores Home Zone and Val Tel earlier this year.
Accountancy firm Grant Thornton was appointed as administrator on Tuesday and Deloitte partners Peter Yates and David Lombe0 have been appointed receivers and managers.
Mr Yates said they have taken control of the business and will assess the financial position of the retailer, with the view to restructure and immediately sell the buying group.
"All stakeholders will be kept advised about the NSW group's position.
"We will provide store owners and the NSW Group's employees with as much information and support as possible during the receivership."