|
By James Wells
SYDNEY: The turmoil within Retravision New South Wales continued today as the group released a statement announcing the immediate closure of Tibbett’s Retravision located in Scone.
The statement, which was sent by Retravision company secretary, John O’Malley, was distributed to all New South Wales state managers, credit managers and shareholders.
Tibbett’s Retravision was a branch store of Retravision Muswellbrook, which will remain opened.
The store manager of Muswellbrook Retravision was contacted by Current.com.au but said he was unable to comment.
Late last month another member of the embattled group, Retravision Balgowlah, announced it would be closing after 72 years of operation.
Also late last month, Retravision New South Wales announced it would be canceling its annual expo which was scheduled for September.
To cause further embarrassment, Sydney-based Narta member Bing Lee held an expo in Retravision’s traditional venue at Rosehill Racecourse shortly after the announcement.
Like the traditional Retravision expo, the Bing Lee event secured buying opportunities for the $200 million retailer and other members of the Narta group.
In June, receivers were appointed to four Retravision New South Wales stores in Sydney trading under the Valtel brand.
Earlier this year receivers were also appointed to Home Zone stores, which were previously members of the Narta group, located at Moore Park and in Sydney’s CBD.
Two weeks ago the group lost the services of its chief executive officer, Darrel Jones, who resigned several weeks before leaving his position.
Retravision NSW has been experiencing cash flow problems, which new national chairman, Bill Harries briefly addressed at the Group’s annual conference held in Fiji in May.
“You may have heard of an issue in NSW specifically relating to the current cash-flow issue. Around Australia the competitive environment is tough. Particularly so in metro NSW,” Harries said in Fiji.
“The NSW board has engaged outside specialists and assistance to address this current problem. I want to thank the suppliers who are also supporting them very strongly. I want to assure you all that the national board is across these actions and we are providing full support to NSW.”
Retravision NSW chairman Paul Murphy recently said he was compiling some proposals for the future of the group which will be voted on by shareholders at its annual general meeting which has been delayed until October.
The proposals and the appointment of a replacement for Jones was referred to by Murphy as a “restructure” for the group.
|
