Confirmed Warehouse1 Goes Under For $3.8M Ingram Micro Hit
Four of Australia’s biggest consumer electronics distributors have been hit for more almost $3M following the collapse of Melbourne based retailer Warehouse.
Following our exclusive story earlier this month we can now reveal that secured creditors include Ingram Micro who are owed $1.7 million, Dicker Data $716,000 and Commonwealth Bank $453,000 smaller claims have also been made by Bluechip Infotech, Multimedia Technology and Synnex.
The reseller also has unsecured debts of $1.2 million, SV Partners have been appointed as liquidators.
Trade creditors include a $235,000 claim from print distributor Alloys, and smaller debts with Leader Systems and Vocus.
Customers who ordered products from the failed reseller are also set to be hit with more than 100 not able to get back their money after ordering from the Companies online store. A report from the liquidators shows that customer debt is $683,000.
In the weeks leading up to the liquidation, customers had taken to online forums claiming they had not received their purchased orders. According to posts from customers, liquidators informed them they would not be provided with a refund but could lodge a claim against Warehouse1 for any losses sustained.
The Company entered liquidation two weeks ago when we first broke the story, with $3.8 million in debt, ChannelNews understands that directors could lose their home and other property that were used to secure financing.
The tell-tale signs that Warehouse1 was in trouble first started to emerge in 2016, the Company that was founded in 2014, appears to have been able to run up debt especially with Ingram Micro who is expected to lodge a claim with their debt insurance brokers.
The company reached No.42 in the 2017 CRN Fast50.