Howards Storage World is the latest retailer to be placed in voluntary administration, with two Deloitte administrators appointed on Friday 9 December.
Vaughan Strawbridge and David Lombe will manage 29 of the retailer’s stores, which are spread across New South Wales, Queensland, South Australia and Victoria.
The pair are assessing Howards Storage World Group’s finances and will look to sell the business, they told the Australian Financial Review Weekend.
“It’s very early days as far as our appointment is concerned and we have commenced an urgent assessment of the group’s financial position,” they said.
“The immediate priorities are to continue to trade; communicate with all stakeholders including franchisees, staff and suppliers; and to commence a sale of business process.”
The retailer has a total of 59 stores in Australia, including 30 Howards Storage World franchises. It sells space saving and organisational products for the kitchen, bathroom, laundry, bedroom, office, living room, garage and cellar.
Howards Storage began as a single store called ‘Stack and Store’ in the Sydney suburb of Northbridge in the early seventies. In 1997 owner-operators Les and Edda Howard formed a partnership with Dirk Spence to move into franchising. The first franchise was opened a year later.
By Ruth Cooper
This article first appeared on retailbiz.
