Receivers pleased at WOW sale
EVERYTHING but the kitchen sink is going out the door in the last weekend of WOW Sight and Sound's receivership sale.
Stationery, light fittings, blank DVD cases and even discounting stickers have been marked to clear as all 15 nationwide stores, including the Maroochydore outlet, close their doors.
WOW was placed into the hands of receiver Ferrier Hodgson in February after the group was hit by a $20 million bad debt, tough trading conditions and an 8% fall in turnover.
A receivers-initiated closing-down sale started one month ago, with the initial slashing of up to 30% off store items now growing to up to 80%.
A tour of the Maroochydore store yesterday revealed very little stock remaining.
Several desktop and laptop computers remained at 40% off the sale price. What remained in the video games department was marked down by at least 50%.
A few shelves of DVDs and Blu-ray discs remained with 50% taken off the price.
Subwoofers were as much as 50% off.
Other odd items included used multi-point power adaptors, Christmas decorations, sheets of glass and shelving were all priced to clear.
Ferrier Hodgson corporate communications director Michael Cave yesterday said the Maroochydore store was one of 11 to close on Sunday, with the remaining four to shut up shop on Tuesday.
"Overall the sales have been very successful. Receivers are very pleased with the way it played out," Mr Cave said.
He did not have any specific figures for how well the Maroochydore store had gone, but said "we know the sale has gone very well".
Mr Cave was unable to comment about the possibility of further reductions in the sale.
Redundant staff will be paid their salaries in the normal course of business, but face a three-month wait for all entitlements.
It was unknown how many staff at the store have secured new jobs.