2nds World Enters Voluntary Administration
Unfortunately, it comes as no surprise to us that today (15/04/19) that the Sydney based retailer Seconds World has been placed into administration.
One online article states that the business had been suffering for some time now, a major contributor was the lack of parking near their Cremorne based store which is also their head office.
We find this very hard to believe as there had been a number of rumours in the industry about the decline in business at the retailer especially last month with some suppliers stopping credit to the NSW based Company.
We believe the change in retail space over the last few years has been the biggest impact on the business especially with the growth of online retail and many manufacturers choosing sites like Catch Of The Day to get rid of distressed stock.
Riad Tayeh, Antony Resnick and Mark Robinson of de Vries Tayeh were appointed as Voluntary Administrators of the 2nds World group of companies earlier today.
2nds World consists of five shops in New South Wales at Auburn, Caringbah, Castle Hill, Cremorne and Penrith. It also has a large online shop at 2ndsworld.com.au.
de Vries Tayeh Administrator, Mark Robinson, said: “2nds World has a long-running history, currently selling discounted appliances to retail customers and commercial clients. 2nds World is also a member of Australia’s largest appliance buying group, Narta.
“The Administrators are already in discussions with a number of interested parties and are seeking to execute an urgent sale process as a going concern. We encourage any other interested parties to contact us forthwith.
“2nds World will continue to trade for a limited period while the Administrators urgently seek expressions of interest to sell the business as a going concern.”