Venture Sale Goes Well For Creditors
The Age
Monday May 2, 1994
Unsecured creditors to Venture Stores could now receive more than 50 cents in the dollar due to the success of the company's stock liquidation sale, according to one of the joint administrators, Mr Lindsay Maxsted.
Mr Maxsted, an insolvency partner with KPMG Peat Marwick, said yesterday that discounted stock sales in the past two weeks had ``broken the back" of the $50 million liquidation that Venture had been advertising.
He said Venture now had only another fortnight's trading to go before the doors closed for the last time on the discount retailer. The bulk of its 2400 staff will join the unemployment queues.
Venture still has a national chain of 45 stores. They will all continue to trade until the close-out date, after which the stock will be transferred to Foodland Associated and the fixtures and fittings auctioned.
Although several of the stores are being looked at by rival retailers as possible sites for their operations, Mr Maxsted said Venture could only really act as an ``introduction agency" between the retailers and the landlords.
The recovery of more than 50cents in the dollar compares with an estimate in late March of around 45 cents.
© 1994 The Age