The PAS Group has entered voluntary administration.
The board has appointed PwC partners Stephen Longley, David McEvoy, and Martin Ford as voluntary administrators.
While the board is of the view that the company is solvent, given the issues as a result of unfavourable financial market conditions, the COVID-19 crisis and the challenges of restructuring in that environment, it felt that voluntary administration was the best way to affect change while protecting all stakeholders.
The administrators will undertake a preliminary review and assessment of the Group’s operations that have been impacted by difficult trading conditions, including the COVID-19 pandemic.
PAS Group enters voluntary administration with the strong desire to restructure the Group and allow it to continue operating strongly and sustainably into the future.
PAS Group stores will continue to trade as normal, in-line with current local restrictions across Australia and New Zealand. All store credits and vouchers will be honoured.
PAS Group has 225 shops across Australia and New Zealand and owns major brands including Review, Black Pepper, Yarra Trail, Designworks and Jets.
Around 1300 employees are employed by the Melbourne based company.