WOW Audio Visual collapses

The Australian states.

The company, which employs about 500 staff across a network of 15 stores, was placed into receivership under the control of corporate advisory firm Ferrier Hodgson.

According to Nine MSN, WOW sold home entertainment systems, computers, office equipment, car audio systems, telecommunications, cameras, DVDs, games and CDs.

Receiver James Stewart said the group had been negatively affected by a bad debt of about $20 million owed by related company Aristocon, which collapsed in 2010.

Property development investment company Aristocon fell into administration in 2010, owing $27 million to WOW, The Age notes.

Former WOW directors, Sam Savvas and Suds Sotiris, served on the board of Aristocon, which built WOW stores.