Bullzye staff left in the dark as store closures near
THE DOORS could be closing at Bullzye stores across the state any day now as liquidation of the Australian company takes hold.
The western clothing and accessories company has physical stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay with a warehouse in Murrarie for online orders.
Staff have advised they are unaware of what is happening or when they would be closing.
It is understood the stores are “trading as normal”.
Customers who have gift vouchers are being urged to use them as soon as possible.
It was announced last week the company had gone into liquidation, following a notice published on the Australian Securities and Investment Commission website on March 11.
A voluntary wind up was filed on March with Cameron Crichton of Grant Thornton Australia Ltd appointed the liquidator.
Documents filed by Grant Thornton addressed to creditors revealed meetings surrounding the debt began in February 2020.
ASIC documents have revealed the company owes unsecured creditors an amount of $1,544,041.34.
This includes general creditors for $743,833.01, the Australian Taxation Office – business activity statements for $272, 328 and integrated client account $55, 235.52, combined management wages and superannuation $124,452.32 and loans of $348,192.49.
The main creditors are ANZ bank, Toyota Finance, Westpac and Commonwealth Bank.
Other unsecured creditors include security companies, Australia Post, Telstra, Ergon, JJ Richards, cleaning fees and trust companies, presumably for rent for the physical stores.
There is a registered cash at bank of $23,212.53 and less debenture/ floating charge creditors $714,325.06.
Across the six sites there is a stock inventory of $425,203.34, around $190,000 of which is at the Brisbane site and about $50,000 worth at each physical store.
Grant Thornton was contacted for comment however advised there would not be any statement made at this time.
The company was founded in 1999 and is 100 per cent Australian owned and operated.