Creditors of women's clothing chain Shanton Fashion are owed almost $7.8 million, while the company has $3.35 million in assets, a wider shortfall than the $693,000 estimate directors gave when the company went into voluntary administration last month.
Administrator Bryan Williams' latest report says the total number of creditors is 206, including the Inland Revenue Department owed $109,125 and employees owed $175,000 in holiday pay.
Debts include $1.58 million in loans from interests associated with the company's director/shareholders, which, the report said, needed further work to confirm.
Shanton has 155 employees across 37 stores nationwide. Staff were being paid and stores traded normally while the administrator advertised the business for sale on January 30. Nine expressions of interest from potential buyers have been received, with a deadline of February 24.
Before then, though, creditors are set to meet on February 16 to decide the firm's future.
