By Aimee Chanthadavong
Outdoor adventure retailer Snowgum has entered into voluntary administration.
Glenn Franklin, Jason Stone and Petr Vrsecky of Lawler Draper Dillon have been appointed administrators for the 89-year-old business that has 17 company owned stores and eight franchised stores.
The administrators have scheduled their first meeting for 4 November 2013 to discuss the possibility to appoint a committee of creditors and who they could possibly be, as indicated by documents filed to the Australian Securities and Investments Commission last Wednesday 23 October 2013.
Snowgum Australia initially launched as The Scout Shop in 1924 before being renamed as the Scout Outdoor Centre in 1978 and then Snowgum in 1992.
Snowgum is the latest of a growing handful of retailers who have filed for insolvency this year, joining Lisa Ho, Bettina Liano, Darrell Lea, Ojay and Redgroup Retail, which owned Angus & Robertson and Borders.
The company’s position is in vast contrast to its competitor Kathmandu, which reported solid full year results for the 2013 financial year.
RetailBiz is awaiting comments from the administrators and Snowgum.