A Melbourne-based business group which employs workers across Sydney, Brisbane, Perth and Adelaide goes into administration, leaving 400 people without jobs a week out from Christmas.
Four hundred people have lost their jobs a week out from Christmas after a group of building supply businesses in Melbourne's west went bust.The incoming administrator said it had"no other choice but to terminate all the staff immediately"The SWC Management group, which operates out of a massive newly redeveloped warehouse in Melbourne's western suburbs, announced it was going into voluntary administration on Tuesday, with advisory firm KordaMentha taking over operations.
The company turned over $120 million last financial year, but the ABC understands that no cash was left in the business and it would have been unable to continue paying its staff. KordaMentha's Craig Shepard said SWC had tried to improve sales and revenue but its plans were not working. Mr Shepard added that although the Christmas-time collapse of the business was unfortunate, the lack of cash meant they had to shut down operations as soon as possible.
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