The day the music died: Billy Hyde up shop as no buyer is found for the struggling retailer.
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Receivers Ferrier Hodgson announced the iconic music store’s 25 outlets would be closed after its efforts to sell the business failed.
Ferrier Hodgson were first called in to rescue owned by Australian Music Group (AMG) which trades as Allans Billy Hyde, in late August.
The company’s troubles were blamed on a decrease in consumer spending afflicting many retailers in Oz.
AMG, which also includes its wholesale distribution business, trading as MusicLink and Intermusic with 25 company-owned stores, and four franchise outlets.
The four franchisees are independent and are not affected by the closure.
All stores are now in hard closed own mode with a stock sell-out sale well underway. Final closure is expected early in November.
The 513 remaining AMG employees will be made redundant over the next few weeks as the closure process comes to an end. During the receivership, 80 employees had already been made redundant and a number of other employees resigned.
The receiver, Mr Brendan Richards, thanked all staff for their efforts throughout the receivership.
“The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business,” Mr Richards said.
“These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country.”
The Receivers said it will work with the Administrator to enable all employees to make claims for their entitlements through the Government Entitlements and Redundancy Scheme (GEERS) as quickly as possible.