Direct Group – the company behind TVSN and Innovations – has told suppliers today that it is currently intending to close its doors on November 15 amid struggles to secure backers or acquirers.
According to an email sent out by Direct Group, the company’s board has recently been in discussions with potential acquirers and investors. However, these discussions have not resulted in a binding transaction.
A closing-down sale commenced on October 6 earlier this month, with Direct Group attempting to sell off $30 million worth of goods. This will include a vast array of fashion, footwear and accessories alongside other lifestyle and home goods.
Direct Group also confirmed that ordinary purchasing arrangements with suppliers have been suspended since the sale commenced.
“We currently intend to close our doors on 15 November 2026,” the email read.
“We recognise the significant impact these developments have had on our suppliers, and we regret the uncertainty this creates for your business.”
The email from Direct Group ended by saying that the board and management remain committed to achieving the best outcome for all stakeholders. This comes as many suppliers claim they have yet to be paid for recent invoices.
TVSN’s Instagram channel posted the statement to its feed today, with fashion brands among suppliers asking when they will be paid in the comment section.
Caju Designs – a fashion label – commented on the post, demanding that the company pay suppliers.
“We’ve delivered a lot of stock and need to be paid,” the brand claimed. “We are a small family run business!”
Meanwhile, Gelatu the Label commented, asking when the fashion label will be paid for stock that was reportedly delivered in June.
Direct Group told suppliers in the email that management continues to do everything it can to meet its obligations.
“We will keep you updated as matters develop.”
Ragtrader has reached out to Direct Group for further comment.