Business Services Industry
Sam's Seafood closes outlets.
Australasian Business Intelligence, May, 2005
May 20, 2005 (Food Week - ABIX via COMTEX)
Australian seafood retailer Sam's Seafood, currently in receivership, has closed its 13 takeaway stores and 2 restaurants. The company has also been put up for sale. The closures were due to the discovery by the business' administrator, Deloitte, of a major stock shortfall in the company, which thereby impacted on its short-term trading ability. A company subsidiary had initially reported the carrying value of its stock at $A14.3m and $A14.1m for December 2004 and March 2005 respectively. However, a stocktake had revealed that the actual value was only $A1m.
Publication Date: 20 May 2005
SAM'S SEAFOOD HOLDINGS LIMITED - ASX SSS:
DELOITTE TOUCHE TOHMATSU LIMITED
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