Iconic Australian music retailer Billy Hyde and Allans has been placed into receivership.
The parent company Australian Music Group Holdings announced today that a creditor has successfully taken steps to have the company put into receivership and that the company will begin looking for a buyer for the sale of the business as an ongoing concern.
Billy Hyde and Allans owns 25 stores across Australia plus four franchise stores. It is Australia’s largest retailer of musical instruments with a 25% market share. The company employees over 500 people.
Allans began in Melbourne in the 1850s. Billy Hyde opened in Melbourne in 1962. The companies merged in 2010.
The receiver will now look for a way to restructure the business.
With the company now in receivership gift vouchers will not be honoured and deposits will not be refunded but lay-bys will still be recognised.