The owner of Review, Jets and other apparel brands, PAS Group, has entered voluntary administration, despite the board believing the company is solvent.
The move is a last-ditch effort to restructure the company in a way that will enable it to operate sustainably into the future.
In a release sent to the ASX on Friday, the board said that Stephen Longley, David McEvoy and Martin Ford the administrators from PwC will undertake a preliminary review of operations.
The news comes roughly one month after the group said it was accelerating its own review of operations with the goal of reducing complexity and creating a more focused business largely through the closure of unprofitable stores.
This is not a new strategy for PAS Group. The co…
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