Ben Butler
February 13, 2012

About 450 jobs are at risk after bedding and furniture retailer Sleep City became the latest victim of Australia’s brutal retailing environment, with directors appointing administrators this afternoon.   :(

   

PricewaterhouseCoopers partners Michael Fung, Greg Hall and Guy Edwards have taken control of the loss-making 64-store chain, which sells beds, mattresses and bedroom furniture under the Sleep City and Everyday Living brands.   :(

Mr Fung said the group would operate ‘‘in a ‘business as usual’ mode while we get a clearer understanding of the current state of each business’’.


‘‘We are still investigating the causes behind the administration. However we believe that the current soft retail environment is a contributing factor,’’ Mr Fung said in an emailed statement.

The company’s most recent accounts show the company declared a loss of $25 million for the year ending June 30, 2010.

The news comes on the day ANZ has shed a further 492 jobs across Australia as part of job cuts totalling 1000 positions.   :(

Sleep City has stores in Sydney, Melbourne, Brisbane, Adelaide and Hobart.



Read more: http://www.theage.com.au/business/more-jobs-at-risk-as-sleep-city-calls-in-administrators-20120213-1t1db.html#ixzz1mFBf29Hs