A home theatre store that turned over $100 million in revenue over the past seven years has collapsed.
It has ceased to trade immediately and all staff have been stood down.
An estimated 60 customers who have paid for goods and services have also been impacted.
News.com.au can reveal that Life Style Store Pty Ltd, based in Parramatta and which described itself as the “largest specialist audio-visual retailer in Australia”, has gone into administration.
The 35 staff who worked at Life Style Store now no longer have jobs. It had been in business for 23 years.
Ken Whittingham and Mark Robinson of insolvency firm Fort Restructuring were appointed as administrators last week.
In a statement to news.com.au, they said Life Style Store had collapsed following a dispute between another business, which went into liquidation earlier this year.
“We are at the early stages of what we expect will be a complex administration,” they told news.com.au.
