CREDITORS of the company behind Tamworth stores Blowes Menswear and The Wardrobe are expected to make the decision to liquidate the company at a creditors’ meeting in Sydney this morning.
Brenstew Pty Ltd, owned by Tamworth man Brendon Blowes, went into voluntary administration and was put up for sale in July.
BRI Ferrier administrator Paul Burges said it was likely the company would be placed in liquidation at the end of the meeting, but stores would continue to trade.
Staff will be the first to know of any changes.
“We’ll continue with our efforts to go forward with the sale of business and continue to trade in the stores,” Mr Burges said.
Store expansions, tough economic retail times and online shopping contributed to the downfall of the company, which is responsible for Blowes Menswear, The Wardrobe and URXS at Tamworth, The Wardrobe at Armidale and Blowes and RM Williams at Dubbo.
The original company was started by Mr Blowes’ grandfather in Mudgee, with the first Tamworth store, Blowes Menswear, opening in 1992.
The Tamworth Blowes Menswear store was opened in 1992, followed by surf wear store URXS in 2003 and The Wardrobe in 2010.
Businesses in Port Macquarie and Chatswood closed in the first week of the administration period.
A number of offers have been made to purchase the company since it was put on the market on July 30.
“We’ve finished the process of getting in the offers,” Mr Burges said.
“The offers are not mutually exclusive. There are a couple of different combinations that might play out and we’re exploring the best combination
“One of the creditors is a bank and because they have security over the company, they will have some say over which combination of sale could happen.
“We’re confident that in some way, shape, or form it will be sold.”
Mr Burges said the support of staff and customers during the administration period had made a huge impact.
The Tamworth stores have been among the best trading stores.
“We owe gratitude to the staff who have been extraordinarily diligent and loyal through this difficult time,” Mr Burges said.