Korg Forums

SeedyLee

Sad news: Korg's Australian distributor, MusicLink, has gone into receivership:

BasariStudios · Posted: Tue Sep 18, 2012 11:22 am Post subject:

What the hell is receivership?
_________________
http://www.basaristudios.com
Cubase 8.5 Pro. Windows 7 X64. ASUS SaberTooth X99. Intel I7 5820K. ASUS GTX 960 Strix OC 2GB. 4x8 GB G.SKILL.
2 850 PRO 256GB SSDs. 1 850 EVO 1TB SSD. Acustica: Nebula Server 3 Ultimate, Murano, Magenta 3, Navy, Titanium.

SanderXpander · Platinum Member Joined: 29 Jul 2011 Posts: 7860

http://en.wikipedia.org/wiki/Receivership
Wow, that took me 5 seconds, this being the internet.

Sharp · Posted: Tue Sep 18, 2012 12:14 pm Post subject:

This sort of thing is going on non-stop all over Europe right now.
Lots and lots of places are closing.

Regards
Sharp.

Thoraldus · Posted: Tue Sep 18, 2012 1:50 pm Post subject:

From the Sydney Morning Herald - Sep 18, 2012

THE former boss of stricken music retailer Allans Billy Hyde believes a buyer may still be found for the business even though receivers have started shutting it down.

Market sources said Bain Capital, the private equity firm founded by US presidential candidate Mitt Romney, was among potential buyers circling the group.

''A number of discussions are ongoing with interested parties,'' said John Helme, the former joint managing director of the chain's owner, Australian Music Group Holdings.

He declined to comment on whether Bain was among those interested parties, but criticised the decision last week of receivers Ferrier Hodgson to start the process of shutting down AMG's 24 company-owned stores across Australia.

''Last week's news was premature from our perspective,'' he said.

''We remain hopeful that there will be a credible buyer. With such an iconic business you have to question such a hasty decision.''

A Ferrier Hodgson spokesman declined to comment.

Ferrier Hodgson partners James Stewart and Brendan Richards were appointed receivers of the struggling group on August 23 by secured creditor Revere Capital, owed about $27 million. Revere is a subsidiary of Valco Capital Partners, the private equity arm of retail shutdown specialists Hilco.

Last Wednesday, after failing to sell the business as a going concern, Mr Stewart announced a clearance sale to get rid of AMG's stock, valued at about $45 million, after which the stores will be shut down.

Its 56 head office employees were made redundant as part of preparations for the eventual shutdown of the entire business, which employs about 610 people in its stores.

AMG lost $40.9 million in the year to July 3, 2011, the latest period for which accounts are available.
_________________
”It’s easy to play any musical instrument: all you have to do is touch the right key at the right time and the instrument will play itself.”

Johann Sebastian Bach

----------------------------------------------
Rick Stirling - Retired Electrical Engineer - Erstwhile Photographer
Korg Kronos2, Casio MZ-X500, PA600, AKAI MPD32, M-Audio Oxygen 25, ZOOM H6, Cakewalk Sonar

Kevin Nolan · Posted: Tue Oct 02, 2012 9:05 pm Post subject:

pawz · Posted: Thu Oct 11, 2012 10:30 pm Post subject:

Hi, Very Sad news. As an Aussie affected by this I'm heartbroken for not only myself, but also all the staff and the excellent adivse that they have provided me regarding my Korg purchase and other items as well. I'm still unclear about where I will have to take my Korg should I have a problem with it in the future as I purchased it at Billy Hyde. As it is I'm stranded regarding the repair of my beloved hard case for carrying my Sv-1 for gigs.