The Australian info Collapsed homewares and furniture business Fenton & Fenton owes customers nearly $1.6 million, according to estimates from EY liquidators, who are holding discussions with interested buyers that could result in customers getting their money back.
The Melbourne-based business ceased trading after its collapse earlier this month, leaving thousands of customers out of pocket.
Fenton & Fenton’s liquidators are looking for a buyer for the business.Credit: Justin McManus
EY turnaround and restructuring leader Adam Nikitins said his team had worked through the total value of unfulfilled customer orders, about $1,585,000, and identified about 100 customers who have been able to retrieve their orders.
“Those customers have been contacted to come and collect their goods,” Nikitins said. “We were able to do that because those particular orders qualified for very specific criteria which meant we were able to rightfully release those goods to them.”
EY liquidators have been seeking a buyer for Fenton & Fenton since its collapse and are fielding interest from a shortlisted handful of parties.
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“We’ve had significant interest. The brand is a strong brand, it has significant reach,” Nikitins said. “We’re running an accelerated process because we’re ready with the data and ready to go.”
Nikitins said the capacity for potential buyers to honour outstanding orders and gift cards will be an “important consideration” in the process and that the liquidators were hoping to give creditors an update “in the coming weeks”.
An initial report prepared by EY on Fenton & Fenton’s company affairs revealed the total amount claimed by unsecured credi
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