As the drama unfolds around Theatre At Home and the Lifestyle Store, one person appears to have got out of the glare of administrators and angry customers despite being a key operator in the business, some even claim he was a “key decision maker”.
John Kranitis, who on several online sites has been referred to as ‘The Managing Director’ of the Lifestyle Store, was a key player in the business who on the 12th of March 2024, told ChannelNews that “There are no problems with Theatre At Home”.
ChannelNews had chased him with questions re padlocks appearing on the Nunawading Theatre At Home Store.
He claimed, “We are having staff problems, as soon as we have staff it will be reopen”.
Vinod David Kranti’s business partner for close on two decades, was seen as the front end and CEO of the business that has now been placed into administration with Kranitis seen as ‘The installer’ who handled installations and the development of systems for both The Lifestyle Store and Theatre At Home.
What he failed to reveal was that the business was in no position to pay rent or staff, and that stock was already being stripped from Theatre At Home Stores or that, the Lifestyle store was struggling financially.
He was a key player in the business decision making and played a key role in the business despite not being listed as a shareholder of Lifestyle Store Pty Ltd or Theatre At Home with many in the industry assuming he was.
ChannelNews understands that Vinod David, whose Lifestyle Store business is not in administration, despite being closed, with the business not able to replace stock that was seized by a Company owed millions.
There is also the issue of liquidity problems following the placing of the linked business Theatre At Home into administration.
We have now been told that Vinod David is now approaching suppliers to try and get back into the AV and audio business as administrators try to untangle the mess left behind with the collapse of Theatre At Home with customers out of pocket for millions after they placed deposits on goods and services spanning both The Lifestyle Store and Theatre At Home.
The begging question is how he will fund any new entity with claims circulating that a Melbourne based distributor, who has been looking to open a store similar to the Lifestyle Store, has held discussions with Vinod David with a view to going into business with him in Sydney.
‘Several retailers have told ChannelNews that they don’t want anyone associated with the Lifestyle Store or Theatre At Home involved in the industry again.
“If any supplier backs him (Vinod David) we will stop dealing with that supplier” claims one Melbourne based retailer
“They are bad for the industry, they have been bankrupt before and this time round their appears to be a lot of people who are going to get hurt in the collapse of Theatre At Home”.
Another issue facing suppliers is that the closure of The Lifestyle Store has left a void in their revenues from New South Wales.
A Melbourne based distributor said “The Lifestyle Store was one of the best retailers for sales of AV and audio gear. Without a Lifestyle Store, which everyone in the industry knew was struggling, New South Wales is going to be a basket case for the industry”.
“Queensland and Melbourne are doing okay and without a retailer who can deliver the same volume as the Lifestyle store, the industry is going to suffer. The placing of Theatre At Home has come at the worst possible time for suppliers”.
