Distressed Assets Media Centre
15 March 2010
Baby wear company Bay Bee Cino collapses
Source: Smartcompany.com.au
A Sydney-based baby wear company Bay Bee Cino has been placed in administration, just three years after undertaking a capital raising and unveiling plans to grow aggressively through franchising.
The company, which operated a prominent online store, two retail outlets in Sydney and shops in New Zealand and Tasmania, was founded by Di Baker and Fred Van Urk and focused on high-end baby and toddler clothes.
In 2008, Baker said the company boasted a network of 500 "consultants" selling through a party plan model and told maternity magazine Cosmo Pregnancy that the company had annual sales of $4 million.
The business is now in the hands of administrator Manfred Holzman of insolvency firm Holzman Associates.
He told SmartCompany this morning that while his investigations into the collapse are still in a preliminary stage, it appears that the business was simply too small for its overheads and the level of stock that the business was carrying.
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