More than 3,000 customers owed money by the failed replica-furniture chain Matt Blatt are set to receive nothing, even though the company reaped more than $4.4m by selling assets in the weeks leading to its collapse.
Customers, some of whom are owed more than $1,000, were informed of the collapse by text message a fortnight ago.
The company that owned the Matt Blatt brand, Badam Trading Co, is now in the hands of liquidator David Solomons of Sydney firm dVT Group.
Badams director, Adam Drexler, closed the companys 12 stores in late March as the coronavirus crisis gripped Australia, deepening the woes of an already struggling retail sector.
In April, Badam went on to sell off warehouse stock through auction website Grays Online.
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Read the full article at: https://www.theguardian.com/australia-news/2020/jun/14/matt-blatt-chain-collapse-leaves-customers-out-of-pocket-despite-44m-asset-sale
