Huge announcement in Bullzye brand liquidation
AUSTRALIAN country clothing and accessories Bullzye could be making a comeback.
The company went into liquidation in March, with all five physical Queensland stores closing soon after.
There were stores in Rockhampton, Townsville, Bundaberg, Toowoomba and Mackay, plus a warehouse in Murrarie for online orders.
It was revealed the company owed unsecured creditors an amount of $1,544,041.34.
This includes general creditors for $743,833.01, the Australian Taxation Office - business activity statements for $272, 328 and integrated client account worth $55, 235.52, combined management wages and superannuation worth $124,452.32 and loans of $348,192.49.
The main creditors are ANZ bank, Toyota Finance, Westpac and Commonwealth Bank.
Other unsecured creditors include security companies, Australia Post, Telstra, Ergon, JJ Richards, cleaning fees and trust companies, presumably for rent for the physical stores.
There is registered cash at bank of $23,212.53 and less debenture/floating charge creditors $714,325.06.
Across the six sites there is a stock inventory of $425,203.34, around $190,000 of which is at the Brisbane site and about $50,000 worth at each physical store.
The liquidation came after Bullzye management was told in February its autumn and winter stock, which was to arrive between February to April, would be delayed by at least three months, most likely due to the coronavirus pandemic.
The company was affected by the drought and bushfires as well.
New information has been revealed this week that the business has been sold.
The new owners have been contacted for comment.
It is unknown at this stage if the stores will reopen.