TVSN launches closing-down sale after investors snub rescue pitch
Net sales fell from $219.4 million to $146.2 million in two years, according to unaudited figures.
TVSN has started a closing-down sale after investors snubbed a rescue pitch. Suppliers claim TVSN is selling goods it has not paid them for.
About 170 wealthy investors were approached with a last-ditch rescue bid by a son of TVSN director Bernie Brookes. The slide deck sought between $32 million and $40 million to restore liquidity.
Guy Parsons says he is owed $140,000 and is preparing a formal demand for payment. The $140,000 is for hair dryers and haircare products delivered to TVSN's Sydney headquarters.
Suppliers say they have not heard from TVSN since Tuesday, when it emailed them about the sale. Bernie Brookes said Direct Group, which owns the network, is 'not at this stage' considering any offers.
A legal shield for directors, called Safe Harbour, may not apply after the sale launched.
- $32 million to $40 million
- Rescue sought
- $140,000
- Owed to Guy Parsons
- About 170
- Investors approached
Why it mattersSuppliers say they are owed money, and dozens have shown interest in a possible class action.
AustraliaAustralian shoppers and suppliers are caught up in it, because the network's future is unclear.
✓ Claims checked; 2 flagged for review. checked 3 h ago
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