DISCOUNT store business Retail Adventures has gone into voluntary administration with jobs at risk and store closures expected.
Retail Adventures is the largest trader of discount stores such as Sam's Warehouse, Crazy Clark's, Chickenfeed and Go-Lo stores.
The company's board of directors made the decision to place the company in voluntary administration and appointed Deloitte's Vaughan Strawbridge and two of his partners to oversee the restructure of the business, the company said in a statement.
Under the restructure, the company's 238 stores and 5000 full-time staff will continue under the Sam's Warehouse and Crazy Clark's brands.
The company said 29 Crazy Clark's, Go-Lo and Chickenfeed stores have already been closed, with more store closures expected in NSW, Victoria and Tasmania.
It said 57 Chickenfeed and Go-Lo stores will be rebranded as Crazy Clark's stores.
Retail Adventures chief executive Penny Moss said all staff who lose their jobs will be paid their entitlements with alternate employment offered where possible.
"The infrastructure and overheads of both the distribution centres and our head office are currently unsustainable," she said in a statement on Saturday.
"The restructure is necessary to preserve value for the creditors and make sure the business is financially viable in the future."
The 238 continuing Sam's Warehouse and Crazy Clark's stores will be operated from Saturday under licence from the voluntary administrators by DSG Holdings Australia Pty Ltd, the current holding company of Retail Adventures.
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