Music over? Allans and Billy Hyde enter receivership

Australian Music Group Holdings (AMG), which trades as Billy Hyde and Allans, has been placed into receivership by one of its creditors.

James Stewart and Brendan Richards from Ferrier Hodgson were appointed as administrators this morning by Revere Capital, a group of private investors owed around $27 million by AMG, and immediately placed the retailer into receivership.

Unsecured creditors are owed around $13.5 million, while employee entitlements are estimated at $3 million.

However, the company will continue trading while the receivers look at ways to restructure the group and sell some or all of the stores — via redwolf.newsvine.com

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