Liquidator Tim Clifton from Clifton Hall confirmed the company’s debts forward of a possible sale of furnishings and tools located in the chain’s Prospect, Hyde Park and Henley Beach front bars.
The ATO, landlords and trade suppliers are very likely to be still left out of pocket with the 5 50sixone entities proudly owning less than $thirty,000 truly worth of money and stock.
Mr Clifton said furnishings and tools in each and every of the bars was staying valued forward of a possible sale, with several compact business house owners by now generating inquiries about purchasing some of the in good shape-out objects.
“We are at this time negotiating with the numerous landlords to price the property with a perspective to giving them for sale with landlords’ consent,” Mr Clifton said.
About 80 employees have been impacted by the collapse of 50sixone, and are believed to be owed close to $240,000.
Mr Clifton was on Thursday appointed to wind up 6 companies in the 50sixone chain, which includes the three dessert bars.
He said director Sokky Taing, who declined to discuss to The Advertiser, put the chain’s failure down to “under-capitalisation and poor trading conditions”, although the Hyde Park bar was impacted by the new upgrade of King William Rd.
50sixone requires its title from the postcode for Hyde Park, where its initial retail outlet opened in 2016.
It created a track record for its indulgent desserts and freak shakes, with photographs spreading by using social media web sites this kind of as Instagram.
The chain swiftly expanded with openings at Mount Barker and in the Palace Nova cinema elaborate at Prospect in 2017, and an added retail outlet at Henley Beach front early past yr.
Even so, the growth hit a bump in the street in 2018, when its Mount Barker outlet shut.
In addition to the bar closures, three other entities – fifty-Sixone Catering Pty Ltd, fifty-Sixone Payroll Pty Ltd and fifty-Sixone Mexican Pty Ltd – will also be wound up by liquidators.
Mia Margarita at Henley Beach front, which fashioned part of the 50sixone group, has been taken more than by 50sixone shareholder Zac Makins and was reopened past 7 days.