The books have opened on collapsed retailer Baubridge & Kay, revealing an unsecured creditor toll of $610,980 and debts to National Australia Bank (NAB) of $1.5 million at the time of entering receivership.
Receivers from corporate recovery firm Grant Thornton declined to reveal the retailer’s debt burden when contacted by Ragtrader, following their appointment to the company on September 7.
However fresh documents from the Australian Securities and Investments Commission have revealed the financial pressures leading into the collapse, with employee claims also registered at $22,998 and trade suppliers at $416, 586.
Baubridge & Kay was also recorded to have $707, 162 worth of trade debtors, including department store David Jones ($46,496), online shopping website OzSale ($62,053), Planet Health ($6,807), Parisian Neckwear ($17,685) and the company’s own founders Philip and Julie Chapman ($574,120).
Stock was valued at $253,891 but receivers noted that due to the receivership, this was unlikely to sell at the recommended retail value of $440,584. Plant and equipment was noted at $546,079 with a realisable value of $350,000. A majority of trade creditors appeared to be European fabric suppliers and Chinese manufacturers, including Tessitura Monti ($44,726) and Mantero Seta ($37, 482), the latter of which has produced for Louis Vuitton, Kenzo and Paul Frank.
Baubridge & Kay was founded in 1989 and placed for sale along with its accompanying asset, fashion sourcing division Collaboration & Co on September 12.
BAUBRIDGE & KAY: In receivership.
