After a last-minute appeal for investors, Allans Billy Hyde will be officially closing its doors. Over the coming weeks, 25 stores will be closing down, leaving more than 500 employees out of a job.
It was revealed back in August that the company had gone into receivership, with James Stewart and Brendan Richards of Ferrier Hodgson handed administrative rights by Revere Capital. Documents reflected that parent company Australian Music Group Holdings was $41 million in the red, which according to The Daily Telegraph, was $3 million of staff entitlements.
Speaking of the final decision, Brendan Richards stated: “The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business…These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country.”
Around 80 staff have already lost their jobs during the recent tough times, but the remaining 513 will be made redundant over the duration of the closure.
It’s a real shitty day for musicians around the country; however, 4 independently owned stores will still be up and running.