The Chickenfeed store in New Norfolk. The chain's parent company, Retail Adventures, has entered voluntary administration.
A CLOUD hangs over the remaining Chickenfeed stores in Tasmania after the parent company went into voluntary administration on Friday.
Retail Advenutres Pty Ltd, Australia's largest discount variety store operator, is now fighting for its survival, with 270 stores and thousands of jobs in jeopardy nationally.
In Tasmania there are nine remaining Chickenfeed stores, employing about 120 people, that are in limbo.
In a shock announcement on Friday night, Deloitte Restructuring Services Partners Vaughan Strawbridge, David Lombe and John Greig said they had been appointed Joint Voluntary Administrators of Retail Adventures.
The company, owned by Tasmanian entrepreneur Jan Cameron, operates nationally under four brand names: Crazy Clark's, Sam's Warehouse, Go-Lo and Chickenfeed. Mr Strawbridge said the stores were losing money and closures were inevitable.
"Retail Adventures has tried to restructure, but due to the cost of achieving this and time pressures, this has not been possible," Mr Strawbridge said. He said administrators would immediately review the financial position of the company, including the performance of the Chickenfeed stores.
"Employees are being advised of developments and will be offered support as needed," he said.
A first creditors' meeting will be held on November 7.
Shop Distributive and Allied Employees Association state secretary Paul Griffin said he hoped the administrators would find a way to keep the stores trading.
Retail Adventures chief operating officer Penny Moss said all terminating employees would be paid their entitlements in full.
"We guarantee that staff who do not retain employment in the business will receive their full entitlements," she said.
Chickenfeed has closed eight stores and 12 stores are expected to close today at George Town, Prospect Vale, Claremont, Shoreline, New Norfolk, Bridgewater, Centrepoint, Kingston, Sorell, Glenorchy, Launceston and Devonport.
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