ORIGINAL STORY: Australian music retailers Allans Billy Hyde and Gallin’s Musician’s Pro Shop have been placed into voluntary administration, while their parent company faces ‘winding up’ proceedings in the Federal Court of Australia.
While a number of Allans Billy Hyde employees are owed thousands of dollars in unpaid wages, administrators maintain that employees will be paid normally throughout the administration period.
Administrators John Lindholm and George Georges from Ferrier Hodgson have been appointed as voluntary administrators, and are looking for interested buyers for the businesses.
“Allans Billy Hyde and Gallin’s are an iconic Australian music retailer,” said Lindholm.
“We are immediately calling for expressions of interest for a sale of the business as a going concern.”
Lindholm also cited “difficult conditions in the music industry” as a contributing factor to the companies’ current financial position.
Allans Billy Hyde and Gallin’s are owned and operated by Australian Music Group (AMG), which also runs Musicians Warehouse.
AMG closed its Allans Billy Hyde stores in Alexandria (NSW), Southport (QLD) and Windsor (QLD) stores over the June Queen’s Birthday long weekend, but some staff claim they are yet to receive official notices of separation or be paid their entitlements.
Photos from the Alexandria store (below) show stock being loaded onto a truck on Saturday, 9th June.
The ‘winding up’ proceedings against AMG began after the the Australian Taxation Office (ATO) filed an application to wind up the company on 12th April. The hearing is scheduled to continue on Friday, 6th July.
AMG last went into receivership in August 2012. At the time, private investors were owed around $27 million, and employee entitlements were estimated at $3 million.
In November 2012, Con Gallin’s Australian Musical Imports (AMI) purchased AMG and reopened a number of Allans Billy Hyde stores. AMI changed its name back to Australian Music Group in 2014.
The only Allans Billy Hyde store currently in operation is in Melbourne’s Bourke Street, as well as the company’s online store. A Gallin’s Musician’s Pro Shop is also operating in Victoria.