Articles relating to Kleenmaid and it’s collapses
Kleenmaid, a Queensland-based company with 15 franchise stores and 5 company-owned stores, selling kitchen and laundry appliance direct to the public, went into liquidation in May with debts of more than $80 million leaving hundreds out of pocket. Here is a collection of news relating to Kleenmaid, click on the title to read the full article.
Kleenmaid directors post YouTube video
Kleenmaid’s directors have taken to the internet to explain to customers their decision to put the kitchen and laundry appliance seller into voluntary administration.
Queensland-based Kleenmaid went into voluntary administration last week with debts of $73 million in the wake of plummeting sales and margins.
Directors Bradley and Andrew Young posted the YouTube video in response to confusion and anger experienced by customers, after it could not be guaranteed that $27 million in customer deposits for goods would be refunded, or that appliances already paid for in full would be delivered.
They describe the YouTube video as "an official address to the nation". The video appears to have been removed.
Collapse of Kleenmaid should ring warning bells
With economic conditions continuing to deteriorate the spotlight is now well and truly on the vulnerability of franchise systems.
Placed into administration on April 9th, the Queensland-based kitchen and laundry franchise Kleenmaid joins three franchisors – Kleins, EzyDVD and Midas – which have failed in the past 10 months.
The tough economic conditions serve as a valuable reminder that franchising is not immune to economic downtowns, nor is it a guarantee of business success.
Kleenmaid customers offered deals
A Melbourne company is offering out-of-pocket Kleenmaid customers discounts on their lost kitchen appliances.
Kleenmaid ‘may have traded while insolvent’
There’s been more bad news for shoppers left out of pocket by the collapse of Kleenmaid, with administrators raising questions of whether the company may have been trading insolvent.
Administrators have presented their report to creditors, which found the financial position of the company was worse than expected.
Kleenmaid brothers’ fate in ASIC’s hands
The corporate watchdog will decide if Kleenmaid’s bosses will face prosecution for insolvent trading after liquidators lodged submissions today.
The Australian Securities and Investments Commission (ASIC) will investigate the possibility of insolvent trading after the Queensland-based group went into liquidation on May 25 owing more than $80 million to creditors.
Liquidators sell off Kleenmaid assets
Kleenmaid liquidators have sold two of the group’s businesses in an attempt to repay millions of dollars of debt.
Liquidators target Kleenmaid director’s properties
Kleenmaid liquidator Deloitte has placed caveats on the sale of two Queensland properties owned by director Andrew Young.
Deloitte partner Richard Hughes said a caveat had been placed on two blocks of land in Maroochydore on Queensland’s Sunshine Coast.