Audio-visual retailer WOW to hold going-out-of-business sale before closing all 15 stores and putting about 580 people out of work
by: Anthony Marx From: The Courier-Mail March 07, 2012 11:38AM
QUEENSLAND-based audio-visual retailer WOW will close all of its 15 stores, resulting in around 580 job losses
Receivers and manager of the stricken retail chain said on Wednesday that a going-out-of-business sale would kick off tomorrow and run for a few weeks until all stock is sold.
The announcement came as surprise since one of the receivers, James Stewart of Ferrier Hodgson, said last week that he had set a deadline of this Friday to review offers to buy some or all of the business.
But a Ferrier Hodgson spokesman said today that it had become clear there was not sufficient interest likely to lead to a sale.
WOW collapsed late last month with $25 million owed to unsecured creditors and another $25 million owed to National Australia Bank.
Ten of the group's 15 stores are in Queensland. END
I know that the recent collapse of WOW is old news, but, why is this happening?????
More job losses. Where are the "green" jobs to replace the old retail jobs???
They simply don't exist....and now, neither does WOW.
