Australian mobile phone retailer Allphones has been placed into voluntary administration, resulting in an immediate loss of nearly 70 jobs.
Owners of the company failed to recover the loss-making business, leaving hundreds of its retail jobs at risk.
Phil Carter, Daniel Walley and Mark Robinson of PPB Advisory have been appointed voluntary administrators of the nine Australian entities that form the Allphones Group, which operates 84 stores and employs approximately 440 people across Australia.
Acquired last May, the group experienced difficulties despite receiving financial support from its Canada-based owner.
According to an initial review by the voluntary administrators, 18 company-owned stores have been closed due to insufficient funding.
Discussions are currently underway with interested parties who could take over the operation of the remainder of the store network.
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Carter said: “We are undertaking an urgent review of Allphone’s business in order to stabilise the current operations and store network, and ensure that the employees impacted by the store closures are fully supported.”