Mobile phone retailer Allphones has gone into voluntary administration.
Seven of the 84 stores in the chain are franchised, 52 are licensed and the remaining outlets are company-owned.
Phil Carter, Daniel Walley and Mark Robinson of PPB Advisory have been appointed voluntary administrators of the nine Australian entities which make up the Allphones Group.
The business was acquired in May 2016 by a Canadian shareholder with the ambition to undertake a turnaround of the business.
In a media release, PPB Advisory said that despite financial support from the shareholder and significant efforts to deliver a successful turnaround, the shareholders are unable to continue funding the group’s losses.
Lack of funding to keep trading forced the administrators to immediately close 18 company-owned Allphones branded stores and 69 employees were made redundant.
Phil Carter of PPB Advisory said “Our immediate priority is to work with Allphones’ staff, franchisees, licensees and other key stakeholders to allow the remaining store network to continue trading on a business as usual basis.”