Australian retailer Sleep City enters into administration
Australia-based furniture retailer Sleep City has entered into voluntary administration amid a continuing downturn in the retail market.
PricewaterhouseCoopers (PwC) partners Greg Hall, Guy Edwards and Michael Fung have been appointed administrators of parent firm Furniture and Bedding Concepts, and four related entities, reported ninemsn.com.au.
The administrators had taken control of Sleep City's 64 stores across the country and about 450 employees.
Fung said the firms will be operating in a business as usual mode while administrators get a clearer understanding of the present state of each business.
"We are still investigating the causes behind the administration, however we believe that the current soft retail environment is a contributing factor," Fung said.
Sleep City sells beds, mattresses and bedroom furniture under the Sleep City and Everyday Living brands in Adelaide, Brisbane, Hobart, Melbourne and Sydney.
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