joshthedrumkid97
Senior Member
Received an email today from SmartCompany about Billy Hyde Music going out of business! This is sad news for musicians in Australia. The email:
"Dear SmartCompany reader,
The collapse of iconic music retailer Allans Billy Hyde is yet another example of the havon being wrought on the retail sector by structural change. The group commanded a stunning 25% of its market in Australia but as Patrick Stafford explains today, its offshore investor couldn't face another Christmas."
from SmartCompany's website:
"Iconic retailer Allans billy Hyde collapses: Why its offshore backer pulled the pin.
Another retailer has bitten the dust. Australian Music Group Holdings, trading as the iconic Allans Billy Hyde brand, has been placed in receivership.
Rumours of the company's demise were floating around in March, but joint managing director Tim Mason told SmartCompany at that time the company had received an injection of capital, debt was reduced, and the business was trading fine albeit in rough conditions.
the fact a business of this size and calibre - it owns 25% of the market - can be struck by the retail downturn demonstrates the strength of pessimistic consumer confidence but also the ramifications of offshore retail.
Ferrier Hodgson confirmed yesterday the company had been placed in receivership - and those same harsh retail conditions are to blame.
' Things are pretty rough in retail right now,' Ferrier Hodgson partner James Stewart told SmartCompany.
"The business had been recapitalised as far back as March, and the business was not traveling at levels the people in charge would have liked it to travel at. The stakeholders decided to call it a day.""
Billy Hyde Music has been around since the 1850's and employs 500 staff across 25 stores with four franchisees among those. The first Billy Hyde store was opened on Collins Street in Melbourne and still maintains a presence in the CBD.
Make sure you support your local business's! Or they might not be around for long.
Josh
"Dear SmartCompany reader,
The collapse of iconic music retailer Allans Billy Hyde is yet another example of the havon being wrought on the retail sector by structural change. The group commanded a stunning 25% of its market in Australia but as Patrick Stafford explains today, its offshore investor couldn't face another Christmas."
from SmartCompany's website:
"Iconic retailer Allans billy Hyde collapses: Why its offshore backer pulled the pin.
Another retailer has bitten the dust. Australian Music Group Holdings, trading as the iconic Allans Billy Hyde brand, has been placed in receivership.
Rumours of the company's demise were floating around in March, but joint managing director Tim Mason told SmartCompany at that time the company had received an injection of capital, debt was reduced, and the business was trading fine albeit in rough conditions.
the fact a business of this size and calibre - it owns 25% of the market - can be struck by the retail downturn demonstrates the strength of pessimistic consumer confidence but also the ramifications of offshore retail.
Ferrier Hodgson confirmed yesterday the company had been placed in receivership - and those same harsh retail conditions are to blame.
' Things are pretty rough in retail right now,' Ferrier Hodgson partner James Stewart told SmartCompany.
"The business had been recapitalised as far back as March, and the business was not traveling at levels the people in charge would have liked it to travel at. The stakeholders decided to call it a day.""
Billy Hyde Music has been around since the 1850's and employs 500 staff across 25 stores with four franchisees among those. The first Billy Hyde store was opened on Collins Street in Melbourne and still maintains a presence in the CBD.
Make sure you support your local business's! Or they might not be around for long.
Josh