Audio-visual retailer collapses into administration, impacting 35 staff and 60 customers

An estimated 60 customers who have paid for goods and services have also been impacted, while 35 staff have lost their jobs.

A home theatre store that turned over $100 million in revenue over the past seven years has collapsed.

It has ceased to trade immediately and all staff have been stood down.

An estimated 60 customers who have paid for goods and services have also been impacted.

News.com.au can reveal that Life Style Store Pty Ltd, based in Parramatta and which described itself as the “largest specialist audio-visual retailer in Australia”, has gone into administration.

The 35 staff who worked at Life Style Store now no longer have jobs. It had been in business for 23 years.

Ken Whittingham and Mark Robinson of insolvency firm Fort Restructuring were appointed as administrators last week.

In a statement to news.com.au, they said Life Style Store had collapsed following a dispute between another business, which went into liquidation earlier this year.

“We are at the early stages of what we expect will be a complex administration,” they told news.com.au.

Life Style Store Pty Ltd, based in Parramatta in Sydney’s west, described itself as the “largest specialist audio-visual retailer in Australia”. Picture: Facebook

Two other sister businesses have also been caught up in the wake of the company’s collapse.

A recently established national chain called Theatre at Home was linked to Life Style Store.

Theatre at Home separately went into liquidation earlier this year.

Another business linked to the saga, ROQO Pty Ltd, was a shareholder in the company and it too has collapsed, going into liquidation last month.

On its social media, Life Style Store made strong references to the dispute.

Earlier this year, the company wrote they had been in a fight with a mortgagee who had exercised their rights to take possession of the store.

“We are truly sorry for what has transpired and ask for your patience and support as we continue to explore all options to see how we can look after our Theatre at Home and Life Style Store customers and will update you as the situation develops,” the company wrote in April.

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The company collapsed following a bitter feud. Picture: Facebook

Life Style Store’s impending administration appointment has been the subject of discussion on various chat forums since April.

Rumours proliferated that the business was in administration back then, but the company shut these down in a social media post.

However, a few months later this proved to be true.

There are also reports that that the store had been padlocked shut due to the escalating feud.

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Originally published as Audio-visual retailer collapses into administration, impacting 35 staff and 60 customers