More than 110 Aussies have lost their jobs and many customers will be out of pocket after a Nike franchisee fell into liquidation last week.
sydney-based company AF-1, which managed seven Nike shops across Sydney, has collapsed after its license was pulled by the iconic brand.
This brings an end to the company which has been in operation since 2006 and managed stores on Pitt St in Sydney’s CBD, Bondi Junction, Neutral Bay, Burwood, Warringah, Chatswood and Castle Hill.
The stores are no longer able to trade as Nike stores and have ceased operations.
John Morgan, a director at BCR Advisory, has been appointed as liquidator of the business.
BCR has sent 113 termination letters to the company’s former employees and provided them with information about how they can recoup lost wages.
“Eligible employee entitlements, including unpaid Annual Leave, wages and redundancy payments will be paid under the Commonwealth Government Fair Entitlements Guarantee scheme,” BCR said in a statement.
Customers who held gift cards with the stores, however, will cop a loss after the company’s collapse – as the cards are unsecured debt.
It is not clear exactly how much was lost from the now valueless gift cards.
BCR said it is working with both…