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BREAKING NEWS: Administrators Appointed To 2nds World

Sydney based retailer Seconds World has been placed into administration.

The business has been suffering for some time, a major contributor has been the lack of parking near their Cremorne based store which is also their head office. Also impacting the business is the growth of online with manufacturers choosing Catch Of The Day to get rid of distressed stock.

Riad Tayeh, Antony Resnick and Mark Robinson of de Vries Tayeh were appointed as Voluntary Administrators of the 2nds World group of companies earlier today.

2nds World consists of five shops in New South Wales at Auburn, Caringbah, Castle Hill, Cremorne and Penrith. It also has a large online shop at 2ndsworld.com.au.

Revenues for the business have not been revealed. ChannelNews was made aware of the decline in business at the retailer last month with some suppliers stopping credit to the NSW based Company.

de Vries Tayeh Administrator, Mark Robinson, said: “2nds World has a long-running history, currently selling discounted appliances to retail customers and commercial clients. 2nds World is also a member of Australia’s largest appliance buying group.

“The Administrators are already in discussions with a number of interested parties and are seeking to execute an urgent sale process as a going concern. We encourage any other interested parties to contact us forthwith.”

“2nds World will continue to trade for a limited period while the Administrators urgently seek expressions of interest to sell the business as a going concern.”

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