“The creditor as a result put the business into voluntary administration,” it said.
“However, it’s business as usual in all three venues.”
Administrator Simon Nelson, from melbourne accounting firm Romanis Cant, said he would oversee operations at all three music venues while a buyer was sought. He said he expected the situation to be resolved in the next four weeks.
Mr Nelson was appointed by one of the Hi-Fi’s creditors, he said.
“All three venues will continue to trade under my control with the support of key employees, industry stakeholders, landlords and other stakeholders,” he said.
“We expect to achieve a sale of the business as a going concern in the next four weeks.”
Mr Nelson said he hoped music fans would not be affected by the Hi-Fi’s woes, but he could make no guarantees.
“I can’t guarantee there will be a sale, but I’m highly confident,” he said.
“If not, it will be closed down.”
According to Australian Securities and Investments Commission documents, the Hi-Fi’s creditors had been invited to a meeting in Melbourne on February 24.
