In an ASX statement released today, SurfStitch Group Ltd announced administrators FTI Consulting has been appointed, with its voluntary administration effective immediately.
The company had been beleaguered with several legal issues, including two class actions, an investigation by corporate watchdog ASIC and litigation as well.
In a company statement SurfStitch says: the companies reluctantly made the appointments due to several external challenges including two class actions, protracted litigation and an ASIC investigation which have brought high levels of uncertainty impacting the companys trading position.
The Group has confirmed that all operating businesses, including SurfStitch, SurfDome and Swell, will continue to trade as…
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