Negotiations to sell-off Allans Billy Hyde have failed and now the company will be shut down with over 500 employees today learning they will be losing their job over the coming weeks.
Noise11 hears that the price offered for Allans Billy Hyde by the potential buyers was well below what the company was worth.
Today Ferrier Hodgson announced 513 staff will be made redundant over the next few weeks and that 27 stores across Australia will be closed.
In a statement Brendan Richards of Ferrier Hodgson said, “The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business.”
“These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country.”
Allans and Billy Hyde merged in 2010.