The financial strain behind the collapse of denim stalwart Bettina Liano has been revealed, with the brand owing banking firm ANZ $4.3 million, unsecured creditors over $2 million and the Australian Taxation Office some $650,000.
Ragtrader has obtained minutes from the first meeting of creditors on July 20, with a full report set to be issued to creditors of the Melbourne-based brand before August 8.
Documents lodged with the Australian Securities and Investments Commission reveal the company also owes $150,000 in employee entitlements. Assets include stock with a retail value of $1.9 million and $2 million in plant, equipment and store fittings.
For more, pick up a copy of Ragtrader's August 12 edition.
BETTINA LIANO: Denim brand victim of tough times.
