The four entities that make up the Harrolds Group were placed into liquidation at the start of October.
In a statement provided to 9News, liquidator SMB Advisory put the department store’s collapse down to the difficult post-pandemic economy.
It said Harrolds owed its creditors more than $12 million.
“The decision to appoint a liquidator to the companies comes after significant efforts to navigate the post-COVID retail landscape, which has presented unprecedented challenges for businesses across the sector,” the statement read.
“Despite best efforts to adapt to the evolving economic environment, a combination of reduced luxury spending, decreased foot traffic, and unfavourable government policies has significantly impacted operations.
“At present, unrelated creditor claims against the Companies total approximately $12.5m.”
Among those creditors are former employees, who are reportedly owed almost a combined $200,000.
“SMB Advisory urges…
