The Strathfield Group has come out of voluntary administration and has a new plan for its business, focusing on franchising and product diversity. Vaz Hovanessian, chairman, explained the company’s debt has been transferred to a creditors’ trust, removing its liabilities from the company balance sheet.
Sixty two stores under the Strathfield banner are now operating, with about 55 of those franchised. The company will continue with a mix of company owned and franchised stores but the growth will come from establishing more franchised outlets, said Hovanessian, as franchising results in better performance.
There are plans to open more than 60 new stores over the next 18 months, including franchised kiosks in high traffic shopping centres.