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KordaMentha appointed Receivers to DSG Holdings Australia

David Winterbottom and Rahul Goyal of KordaMentha Restructuring have been appointed Receivers and Managers of DSG Holdings Australia Pty Limited (‘DSG’). DSG operates retailers Crazy Clarks and Sam’s Warehouse with 143 stores across Australia.

Insights KordaMentha appointed Receivers to DSG Holdings Australia
Tuesday, 1 July 2014
This follows the appointment of Steve Nicols of Nicols + Brien as Voluntary Administrator of DSG.
 
The Receivers have taken full control of the day to day operations of DSG and are working with the management of the Company to explore various options whilst running a store/stock rationalisation program. 
 
Mr Goyal said: “We will be immediately exploring the going concern sale of the profitable Crazy Clarks and Sam’s Warehouse stores to interested parties”. He added “All stores are currently in ‘sale’ mode so there should be plenty of great value to be had for our customers whilst we work through that process”.
 
Crazy Clarks and Sam’s Warehouse sell a range of household goods including furniture, entertainment, grocery, pet, gardening, clothing and leisure goods. DSG bought the business from its related party, Retails Adventures Pty Limited (In Liquidation) in 2012. 
 
Mr Goyal said it appeared that the financial pressures of DSG have been caused by the general decline in the retail sector, and particularly the decreased demand for discretionary items like those found in Crazy Clarks and Sam’s Warehouse stores. 
 
DSG currently employs approximately 2,500 people across 143 retail outlets, has a distribution centre in Queensland and a head office at North Ryde. Employees are being advised of developments on a regular basis.
 
Mr Goyal said it was too early to fully determine the receivership strategy. The immediate priority was to exit from the unprofitable stores whilst consolidating stock, and trying to effect a going-concern sale for at least part of the business.
 
Media inquiries:
Michael Smith – (03) 9440 9387 or 0411 055 306