Why Was Lifestyle Store Not Placed Into Administration As Fight Over Disapearing Stock Emerges

Serious questions are being asked as to why the Sydney based Lifestyle Store is being stripped bare of stock, while the entity that owned the store is being preserved and kept away from the administrators, of two businesses ROQO Pty Ltd which is linked to Equiti Properties, and Theatre At Home that were this week placed into administration with debts in the millions.

Then there is the registering last month, of the business name Lifestyle Store Australia, whose sole director is one Penrith resident, who we are told was set to be an investor but bailed out when certain information was obtained.

The principal place of trading for this business is Shop 8 2 Windsor Road North Parramatta which is the same address as the existing Lifestyle store.

At the centre of both the Lifestyle Store and Theatre At Home businesses, is one Vinod Fredrick Hiranjan Christie David, (seen below) who as the original owner of Lifestyle Store Pty Ltd would have had to have given his permission for the name to have been registered because of the similarity to the original name.

Vinod David has gone to ground after telling ChannelNews two weeks ago “We are not going broke”.

He claimed that both Theatre At Home an entity that he established 18 months ago was simply refinancing with “Several investors” set to fund the business.

Tomorrow we will publish his response to what is happening including claims of “Unlawful actions being taken against the Lifestyle Store and him personally.

The comments came after we challenged the viability of both businesses after several people contacted CN claiming they were owed money.

We already knew that both the Lifestyle store and Theatre At Home, which had a $5 million dollar plus loan from Sydney based Eqiti was operating their cash flow and the payments of suppliers using multiple credit cards after suppliers denied them credit.

At the centre of the so called collapse is one Danny Assabgy the CEO of Eqiti and Hudson Homes, he claims that he has moved the stock to a secure location after threats of violence and attempts by angry customers who are owed money to grab stock from both the Lifestyle Store and Theatre at Home Stores

He has described himself to ChannelNews as a person who loans money and now wants to collect his debt.

We have also been told that multiple retailers have been approached to buy former Lifestyle and Theatre At Home stock, a move that several suppliers are concerned about.

Most in the industry knew Theatre At Home was a dud even before it was launched.

Ironically the Theatre At Home web site is still operating with questions now being raised as to who will end up owning this site.

Currently the site is owned by The Lifestyle Store which is not in administration.

The actions of Vinod David and in particular the juggling of deposits from Theatre At Home which is now in administration to the lifestyle Store are set to be probed by investigators and administrators Nicols + Brien.

Vinod David has a questionable reputation before the setting up of Theatre At Home with questions now being asked as to how stock sold to the Lifestyle Store end up being taken over by a finance linked Company.

According to several sources the collapse of the Lifestyle Store and the winding up of the Theatre At Home business is a shambles with people who claim that they are secured creditors and suppliers now trying to untangle who owns what.

ChannelNews has contacted two major insurers of stock to the Lifestyle Store, both are claiming that the movement of stock is being investigated.