On 1 February 2019

Further to yesterday’s appointment of Simon Cathro, Chris Cook, and Ivan Glavas of Worrells Solvency & Forensic Accountants as voluntary administrators to the Napoleon Perdis Group, preliminary sale trade is exceeding expectations.

All stores nationally were closed yesterday by the administrators for a full stocktake instore and online. Today, all 56 stores threw open their doors for an unprecedented, 30 percent off storewide and online.

Just halfway through Friday trade, the Napoleon Perdis point-of-sale systems and e-commerce platform behind its website showed the strategic sale is off to a stunning start.

Napoleon Perdis said, “I had no doubt that our sale would excite our customers. We are so grateful for their support in our business, particularly during this restructuring stage of the voluntary administration.

Our staff nationwide are all ‘hands on deck’ and going above and beyond to make sure that our sale is a success and that our valued customers get the service, knowledge, and above all: share in the passion that they deserve to feel fabulous with our brand.”

The sale campaign is scheduled to run until close of business in-store and online at Napoleon Perdis midnight Sunday, 3 February.

As expressed in Worrells last press release on the appointment, its administrators in conjunction with the Napoleon Perdis team intend to seek buyers/investors. Worrells advises that while the 30-percent-sale campaign is underway and indicating promising results, the firm’s teams located across Australia are still immersed in the critical and complex process of establishing the company and business position. Worrells will report to creditors in due course.

Mr Cathro said “As expected the appointment has already generated significant interest in the sale of the business. It is clear from those discussions that their interest is piqued through the voluntary administration’s ability to right size and restructure the Napoleon Perdis Group.

Any parties that wish to indicate their interest in investing/purchasing the business are invited to contact sydney@worrells.net.au, and brisbane@worrells.net.au. Worrells will frequently issue releases on the appointment’s status as it develops.

In the voluntary administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 25 business days after the appointment. It is at the second meeting that creditors will determine the future of the Napoleon Perdis Group.

Worrells appreciates the impact the appointment has on affected parties. It will continue to proactively communicate at each juncture of the administration.

Worrells has 27 offices nationally and 29 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 45 years.

—ENDS—

Contact:
Simon Cathro
Partner, Worrells Sydney
simon.cathro@worrells.net.au

Simon Cathro

Simon joined Worrells Sydney in November 2015 as a Partner of the firm. Simon has over 21 years of insolvency and restructuring experience specialising in, insolvency reconstructions, corporate structure design, investigating accountant reports and expert witness investigations.

T: (02) 9249 1208 E: Simon.Cathro@worrells.net.au

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