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Hundreds lose jobs as Australia's electronics retailer WOW shuts down

(Xinhua)

13:34, March 07, 2012

SYDNEY, March 7 (Xinhua) -- Australia's electronics retailer WOW will shut down all of its 15 stores after failing to find a buyer, resulting in about 580 job losses, local media reported Wednesday.

The Queensland-based audio-visual chain will start a closing down sale to offload its stock on Thursday, according to the Australian Associated Press (AAP) reports.

"The closures will result in approximately 580 job losses," WOW receiver and Ferrier Hodgson partner Stewart McCallum said Wednesday.

WOW was placed into receivership in February after it was hit by a 20-million-AU dollar (20.1 million U.S. dollars) bad debt, tough trading conditions and sales declines.

McCallum said WOW's employees would be paid their salaries in the normal course of business, but employees would have to wait three months to receive all of their entitlements.

WOW has 10 stores in Queensland, two in New South Wales and one each in Victoria, Canberra and the Northern Territory, selling home entertainment systems, computers, office equipment, car audio systems and other electronic products.

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