Tuesday, 14 February 2012

Wetherill Park. Into administration

Bedding chain Sleep City, at Wetherill Park, has been placed in administration amid a continuing downturn in the retail market. PricewaterhouseCoopers (PwC) has been appointed voluntary administrator of parent company Furniture and Bedding Concepts Ltd and four other related entities. PwC partners Michael Fung, Greg Hall and Guy Edwards say they had taken control of the 64-store chain, which has about 450 employees.

In its most recent accounts, for the year ending June 30, 2010, Sleep City declared a loss of $25 million, a net asset deficiency of more than $55 million and a debt to a related party of more than $52 million. The company said it was economically dependent on its parent, Chinese company Sunbridge Industrial Group, which had provided it with a letter promising continued financial support.



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