Administrators are “urgently assessing” the financial situation of a babywares retailer in a bid determine whether stores can remain trading.
Cor Cordis issued a statement saying it had been appointed as voluntary administrators for Baby Bounce and Baby Bounce Qld. Baby Bounce currently operates six stores in NSW, while its Queensland counterpart operates four stores.
According to its website, Baby Bounce also has, or has previously had, stores in Western Australia. The retailer sells a range of baby goods, including clothing, bathing equipment, prams, bedding and car safety products.
“The administrators are urgently assessing the financial position of both companies to determine the viability of keeping the stores open. The administrators will also be running a sale campaign to offer the business and assets for sale,” Cor Cordis said in its statement.
Customers who have made lay-by purchases are the first to be hit by the retailer’s woes, with Cor Cordis saying that the business is “not in a position to meet these orders in full”, and should instead contact their card provider about obtaining a refund.
Otherwise, lay-by deposits will be given a 50 per cent credit to use in-store.
A creditors meeting is scheduled for 18 April 2018, after which more details on the potential future of the business will likely be available.
“Cor Cordis appreciates the impact the appointment has on employees, other businesses and customers and will continue to proactively communicate with affected parties. The objectives of the voluntary administration regime will assist to bring about the best possible outcome for the company and its creditors,” the administrator said.
At the time of publishing, the Baby Bounce website appeared to be trading as normal.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.