More than 100 SA employees affected by the collapse of menswear chain Ed Harry will be paid their entitlements in full, but a far lower dividend is expected for unsecured creditors owed close to $12 million.
Following a clearance sale of stock across the country, administrator KPMG closed the doors to the final few stores in the Ed Harry network on March 24.
In its latest report to creditors KPMG confirmed that more than 500 staff including 114 in SA would be paid $2.8 million in entitlements following the likely liquidation of the company, while unsecured creditors were likely to recoup just 12c in the dollar.
With the company insolvent and no deed of company arrangement proposal put forward, creditors are expected to vote for the compan…
Read the full article at: https://www.adelaidenow.com.au/business/sa-business-journal/unsecured-creditors-of-failed-ed-harry-chain-expected-to-recoup-just-12c-in-the-dollar/news-story/3759b444ea51fa3c5acc9b4489dde874