Facing separate but challenging market forces, rugby union club the melbourne Rebels and vacuum cleaning retailer Godreys have both entered voluntary administration, with PwC called in on both.
The restructuring arm of professional services firm PwC has been engaged on two fresh headline-making administrations, that of Super Rugby club the Melbourne Rebels and the collapse of vacuum retailer Godfreys.
With its season opener less than a month away, the Rebels are reported to be more than $10 million in debt, while more than 50 Godfreys stores are likely to be shuttered over the next fortnight as PwC assesses its options.
“Lower customer demand amid cost-of-living pressures, higher operating costs, and increased competition have all taken a toll on profitability, with some stores more impacted than others,” stated Craig Crosbie, appointed to oversee the administration alongside fellow PwC partners Robert Ditrich and Daniel Walley. “Our aim is to move quickly to restructure Godfreys to preserve as much of the business and as many jobs as possible.”
Already, some 200 jobs are likely to be lost in the immediate short-term amid the closures, which cover roughly a third of the company’s outlets and…
