The voluntary administrator of the retailer Casual Living says the company is about $12 million in debt.

Martin Lewis, from administrator Ferrier Hodgson, says the South Australian-based business with five stores in Adelaide, three in Sydney and two in Melbourne, ran into trouble when it expanded interstate too quickly.

The company, with 120 employees, is still trading and Mr Lewis says he is confident a buyer will be found.

“It’s a very very strong brand. We’ve had several expressions of interest already,” he said.

“It will be advertised for sale and an equity restructure on the weekend and we’ll assess that interest at the end of the weekend.”

Source

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