UPDATED:

Administrators of the Sydney based Lifestyle Store have moved to secure tens of thousands of dollars’ worth of stock taken from the failed retailer and found on Lloyds Auction site who initially intended to auction the goods on Thursday.

The sale of the goods which included Paradigm, Klipsch, Naim, Focal speakers as well as products from several distributors who are still trying to trace the stock supplied to the failed Lifestyle Store and Theatre At Home.

Suppliers had initially been told that all of the stock from the Lifestyle Store had been removed to a secure location at Greys Auctions with several distributors waiting weeks to even get a list of stock removed.

The Administrator of The Lifestyle Store Fort Restructuring Pty Ltd and the administrators of Theatre At Home Nicols and Brien Sydney have failed to explain why they failed to secure the sock in the first place.

ChannelNews understands that both administrators are now talking to each other re the missing stock which is believed to have been seized by the landlord of the North Parramatta retailer who was owed “A significant amount of rent”.

ORIGINAL STORY: Administrators of the Sydney based Lifestyle Store are being asked to explain, how tens of thousands of dollars’ worth of stock, from the retail store, which is in administration, suddenly appeared for sale on the Lloyds Auction site late last week.

For months suppliers to the Lifestyle Store have been told that all stock taken from the store had been taken to Greys Auctions for “safe keeping” with suppliers only getting a list of stock weeks after the store was placed into administration.

Now it appears that only boxed goods were removed from the store by Danny Assagby, who loaned the owner of the Lifestyle Store Vinod David, $7M dollars for another failed business, Theatre At Home that was placed into liquidation with debts of over $20 million.

Assagby seized the stock initially as security against Theatre At Home debt.

Stock that had been unpacked for display or fitted into walls was left behind.

What’s not known at this stage is who is selling this stock with insiders telling ChannelNews that they believe it’s the landlord of the premises in North Parramatta where the store was located, who has had the stock removed to Lloyds.

It’s believed that the landlord is claiming the goods as ‘fixtures and fittings” which he has been removing for several weeks.

The Lifestyle Store along with ROQO Pty Ltd, was placed into administration on the 11th of April 2024.

Vinod David the CEO of the Lifestyle Store placed the business into voluntary administration with the appointment of Mark Robinson from Fort Restructuring Pty Ltd and Kenneth Whittingham.

Now questions are being asked as to why the administrator did not secure tens of thousands of dollars’ worth of assets that were on shelves, walls and in boxes scattered around the store.

The Loyd’s Auction site listed, Naim Focal, Paradigm, Sonos, Klipsch, and a host of other branded speakers as being up for auction on the 26th of July 2024.

When ChannelNews visited the site speakers worth $3,500 had bids of $72 other speakers worth $2,800 had bids of $50.

On the 23rd of April 2024 commercial real estate agents acting for the landlord placed a notice on the door of the store, claiming that any attempts at entering the Lifestyle Store would be treated as trespassers.

On this date ChannelNews still saw stock on walls and in boxes inside the store.

Administrator Mark Robinson of Fort Restructuring, who charged $108, 122 dollars to prepare the first creditors report has not explained why his Company failed to secure stock left in the premises after boxed stock was removed by Danny Assagby who claimed he had a legal right to the Lifestyle Store stock as security against his Theatre At Home debt.

Administrators are appointed to act in the best interest of creditors which in the case of the L:ifestyle Store the debt could be over $20M.

ChannelNews understands that some suppliers to the Lifestyle Store along with their insurers, who are still waiting to claim goods have made representation to the administrators, who have told them that the sale of the stock is being investigated.