Baby Bounce creditors seek answers

BabybounceFailed infant goods retailer Baby Bounce has closed two stores and owes money to more than 100 creditors.

The company went into voluntary administration last week, and the first meeting with creditors was held in Sydney on Thursday.

Administrator Cor Cordis says it knows of about 100 creditors so far, including suppliers, staff and customers, although numbers are yet to be finalised, as is the amount of money they are owed.

The administrators will now investigate the cause of the company’s financial troubles, with a report due in May.

Eight Baby Bounce stores continue to operate in NSW and Queensland, while one store in Sydney and a Gold Coast store have closed.

A number of parties have expressed interest in the stores, the company’s stock, or both, a spokeswoman for Cor Cordis said.

Baby Bounce closed its WA stores in 2017 and the collapse of its NSW and Queensland operations follows the voluntary administration of rival Baby Savings in Sydney this month and the closure of Bubs Baby Shops late last year.

The collapsed retailer’s competitor Baby Bunting warned earlier this month that its earnings would be impacted by clearance activity associated with consolidation in the baby goods sector.

The future of 40-plus Toys R US stores in Australia and associated Babies R Us outlets remain in doubt after the US parent company filed for bankruptcy.

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