A newsagent was declared bankrupt last week with debts on more than half a million dollars. Their failure has cost suppliers to the channel:
- Newspaper publisher: $34,000.
- Tatts: $16,000.
- Magazine distributors: $12,500.
- ATO: $41,000.
- Landlord: $29,000.
- Touch: $3,000.
While the majoring of the $500K is owed to banks, each time a supplier to our channel is hit by a failing newsagent, the rest of us in the channel bear a cost as it leaves less in the kitty of the affected suppliers to support our channel.
We are connected to the failure of a newsagency where the failure results in a loss for our suppliers.