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One of Australia's leading outdoor furniture retailers has gone under, with 500 jobs now at risk.
Barbeques Galore has entered receivership on Thursday after efforts to find a buyer for the business failed.
It's understood liquidity issues were blamed for the collapse with the company now earmarked for a restructure or sale.
Receivers from global advisory firm Ankura were put in on Thursday morning by the company's secured creditor.
Grant Thornton has been brought in as voluntary administrator.
Barbeques Galore, which has 68 company-owned stores and 27 franchise stores around the country, is expected to 'continue normal operations', according to receivers, as future options are evaluated.
Franchises are not expected to be impacted the appointments and company restructuring.
The receivers said in-store and online orders which have been paid for, or part paid for, will be honoured.
Barbeques Galore entered receivership on Thursday after efforts to find a buyer failed
However for customers wanting to redeem a gift card, they must provide $2 in new consideration for every $1 of of gift card credit.
The news comes just two months after it was sold to US private equity group, Gordon Brothers, who specialise in troubled assets.
'Management was excited to turn around the business and move to the next evolution of the brand,' David White, who was hired as Barbeques Galore's chief executive in December, said.
'Considerable progress has been made in recent months leading to significant improvements across the business and operations, however, ongoing liquidity challenges have led to the necessary restructuring of the business.'
More to come.
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