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Kleins jewellery in liquidation

May '08
Australian jewellery retailer Kleins has been placed into Voluntary Administration after the company collapsed owing more than $20m.

Ferrier Hodgson partners James Stewart and George Georges have been appointed as Administrators of The Jewellery Chain Pty Ltd, J.D.A. Imports Pty Ltd and Kleins Franchising Pty Ltd.

Kleins has 200 outlets across Australia, New Zealand and South Africa including approximately 150 franchised stores and 50 company managed stores.

It sells a wide range of jewellery and fashion accessories through small retail outlets based mostly in regional shopping malls.

“We have only just started going through the books so it is too early to comment on the scale of the debt or the depth of the company's financial position,” Mr Stewart said.

“We are assessing the situation and hope to work closely with all stakeholders as we identify the options available to the Kleins Group.”

Mr Stewart said that the Administrators will consider the sale of the business on a going concern basis. He said the business would continue to operate in Administration while he
examines the company's financial records.

Meetings of creditors for each company will be held in Melbourne on Monday 12 May, at 9.30am. At this meeting, the Administrators will provide creditors with their preliminary views on the Group's affairs and give them the opportunity to establish a creditors committee for each entity.

Ferrier Hodgson

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