Glitz taken out of discount jewellery vendor

It seems no business is immune from the global financial crisis - with administrators for fabric giant Smouha also handling the demise of independent South Australian player 'Putting On The Glitz'.

The discount jewellery manufacturer, wholesaler and licensor appointed PPB as liquidators last month after owing just $140,000 to just 23 unsecured creditors. National Australia Bank was the largest creditor with $38,000 owed, followed by the Australian Taxation Office at $23,000, Capital Finance at $19,000 and Commonwealth Bank at $17,000.

Shopping complex Harbour Town was understood to be the only trade-related creditor with the company owing $9000.

Independent shopping stalls in which operated under the 'Putting On The Glitz' banner were quick to distance themselves from the business. A stallholder at Westfield Westlakes, who did not wish to be named, said while it had sourced jewellery from the company in previous years, it was no longer affiliated with "head office".

"We haven't purchased jewellery from the company for eighteen months and source our own product directly through manufacturers," the operator said. "We continue to trade well."

As reported on Ragtrader Online fabric firm Smouha also appointed PPB as administrators last month after secured creditors looked to rein in outstanding debt. It was understood the Sydney-headquartered firm was owed over $4 million by local brands including Sass & Bide and Supre.