A company that provided services to both Woolworths and Coles that spectacularly collapsed late last year owes $5 million to creditors, financial records have revealed.
Melbourne-based REDcycle, which offered Australias largest soft-plastics recycling program, went under after it was revealed hundreds of millions of bags and other soft plastics were secretly stored in warehouses and not recycled.
Launched in 2011, the company was declared insolvent after it failed to pay storage fees on the thousands of tonnes of plastic, despite earning $20 million from the Coles and Woolworths program that had run for the previous decade.
In February, Woolworths and Coles said they would take on responsibility for tonnes of stockpiled soft plastic being s…
Read the full article at: https://www.news.com.au/finance/business/retail/redcycle-softplastics-recycling-scheme-collapsed-owing-5-million/news-story/918c7c202339790da52fea4b9ac03424