SEPT. 13 I ALLANS BILLY HYDE I FINANCIAL
Australia’s Allans Billy Hyde Music Placed Into Receivership
On Aug. 23, Australian Music Group Holdings, owner of the Australian retail chain Allans Billy Hyde Music, was placed into receivership by one of its largest creditors, London-based Revere Capital.
Revere Capital had given the dealership a cash injection earlier this year. According to ABC News in Australia, Australian Music Group Holdings owes unsecured creditors roughly $13.5 million. At press time, Allans Billy Hyde was still operating, but receivers were looking into ways to restructure the company or sell some or all of its stores. The retailer will no longer honor gift vouchers.
Allans Music opened in the 1850s, and Billy Hyde’s Music was founded in 1962. The companies merged in 2010. In 2011, Australian Music Group Holdings had more than 500 employees.