Homeart goes into voluntary administration

ABOUT 600 Australian employees of the retailer Homeart are facing an uncertain future after the company was put into voluntary administration this week.

The company, which has some 116 stores across the country, including many in regional towns, has operated under the brands Homeart and in the past, Copperart.

Administrators at PPB Advisory were appointed on Thursday to manage the voluntary administration of the company and have begun a review of the business.

However, a statement from the firm said the business, founded in Melbourne in 1979, would continue to operate as usual while the review was underway.

PPB Advisory partner Daniel Walley said the review would allow them to investigate "all possible options, including a possible sale as a going concern" for the national retailer.

"We are working constructively with Homeart suppliers, business partners and its dedicated team of 600 staff to ensure we achieve the best possible outcome for the business," he said.

The first creditor meeting is expected to be held in the first week of February after the initial review.



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