Melbourne based audio and home entertainment retailer Hollywood Cinema Store has been placed into liquidation as the specialist audio market struggles to survive in a changing market.

The Victorian business which has been struggling for some after being restructured back in 2019 was operating two stores, what’s not known at this stage is the total level of debt the business has, or which suppliers have been impacted, one supplier claims that the debt is over $1M.

This time last year it was the Sydney based Lifestyle store that collapsed, leaving behind a trail of debt for suppliersestimated to be over $20M  after an attempt by the CEO of Hudson Homes to grab stock and sell it after he loaned a sister business $5M.

Theatre at Home was also placed into administration after Danny Assagby, the CEO of Hudson Homes and Build Buddy, became involved in a messy attempt to grab assets of the Lifestyle Store ahead of the goods being seized by administrators.

Theatre at Home had eight stores in Sydney, Melbourne, Brisbane, Adelaide, and the New South Wales Central Coast, which closed in April with one creditor allegedly owed $4.5million.

According to the Hollywood Cinema Store web site companies set to be affected are Yamaha, Westan who distribute Sonos, Klipsch and Audio Pro along with Masimo Consumer, whose products include Marantz, Denon, Polk and Bowers & Wilkins.

ChannelNews understands that one of the issues was a move by Westfield to raise the rent for one of their stores, with the possibility emerging that one of the two stores could stay open. What’s not known is how the liquidator will allocate the sale of stock or whether stock was moved from one store to another before the business was placed into liquidation. 

ChannelNews understands that several suppliers were aware of the Companies cash flow problems with the Company having to pay for goods up front.

The owner of Hollywood Cinema Store is Gibben Pty Ltd with Con Kokkinos appointed as liquidator for Worrell’s.

Back in 20129 we reported that the Big Picture People faced a partner revolt with one key retailer quitting claiming that they “don’t see a future” with the group of retailers.

Shortly afterwards Alex Golod, General Manager of the Hollywood Cinema Store launched a new business claiming that the Company was looking for more than what the BPPG operation could deliver in particular access to new brands.

The Hollywood Cinema Stores had 7 theatre rooms.

The stores were based in Narre Warren and Clyde North, in Victoria.