Receivers appointed for Pets Paradise
The Bank of Melbourne seized control of Pets Paradise and appointed Deloitte as receivers yesterday pursuant to a $11 million outstanding debt.
The receivers said company-operated Pets Paradise stores had been struggling for 18 months. This has been made worse by a virus outbreak affecting puppies sold from at least two Melbourne stores.
Simon Rushton, a Deloitte spokesman, Simon Rushton emphasised that their appointment was about the underperformance of the group rather than the virus outbreak.
It remains unclear how franchisee operated pet stores will be affected by the appointment of the receivers.
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