Budget jeweller has debts of $20 million plus

The Australian-based, privately owned, budget jeweller, Kleins, which has 200 outlets across the country, including Western Sydney, New Zealand and South Africa, has collapsed with debts of more than $20 million. The company, which will continue to trade until administrators, Ferrier Hodgson, look for a buyer for the business, had a turnover to about $40 million.