SYDNEY: There were desperate scenes outside the Australian School Of Fashion today after its parent company entered administration yesterday afternoon.
The doors have been shut to the Surry Hills-based academy, formerly trading as Esmod Australia, with teachers desperately scrambling to retrieve their belongings and angry students circling the Short Street site earlier this morning. Both arrived at the school only to find the campus in lock down.
This is the second blow for students in as many months. Last month, the school was forced to cut ties with the prestigious Esmod International Group, one of the oldest and most respected fashion design education providers in the world, after its ultimate parent company was acquired by Chinese group Sinoed.
Global Campus Management/Meridian Group, which operates the school, called in administrators PPB Corporate Recovery yesterday after enormous debts threatened its thirteen fashion, language and hospitality academies across Melbourne and Sydney.
A meeting of creditors is scheduled for next Friday.
For more details on the acquisition, pick up a copy of Ragtrader's November 6 edition.
For more on the collapse, stay tuned to www.ragtrader.com.au