Creditors discuss job future for Terry White, Priceline staff
EMPLOYEES and stakeholders met to discuss the future of major Stockland pharmacies Terry White Chemist and Priceline Pharmacy.
Both stores went into administration on February 15, leaving 40 workers uncertain over their future.
AS Advisory director and principal consultant Andrew Schwarz was called in as administrator from day one, and yesterday convened the first creditors meeting.
"We provided an update to the meeting on the financial position of the company, why it's ended up in administration, where we are at with sale of business,” he said.
"There's genuine interest in the businesses, we are hoping to be in a position to put preferred parties to the landlords this week.
"The interest we have had has indicated they wish to employ the staff.”
Mr Schwarz said attendees voted negatively on two resolutions; firstly, whether creditors want to replace the existing administrator (AS Advisory) with an alternative, and whether they want to form a committee of creditors, which would essentially employ a small number of creditors to consult with stakeholders.
Stockland management, members of the public and employees were shocked when both Terry White and Priceline suddenly closed doors earlier this month.
Initially, signs on the closed doors read 'due to electrical problems the store will not be opening today'.
Both were operated by the same owner and reopened for business the following day.
A second creditors meeting will convene on March 22, where creditors will vote to resolve three resolutions:
1) Whether the company is handed back to the director;
2) Whether the company executes a deed of company arrangement; and
3) Whether it goes into liquidation.