Deep debt dogs DFO shopping centres

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Competition boss Graeme Samuel's DFO discount-shopping empire is teeteringon the brink of bankruptcy. Picture: Adam Knott Source: The Daily Telegraph

THE prospect of the Direct Factory Outlets shopping centre chain is in doubt, by means of prospect one project might be located eager on receivership as close to the beginning as today.

If the chain collapses, ACCC chairman Graeme Samuel, an investor from side to side a blind trust, stands to misplace the majority of his individual fortune, a sum of additional supposed $50 million.

"This is the majority upsetting indeed since it put at risk the wellbeing of my brood and grandchildren as beneficiaries of my estate," Mr Samuel told The Australian yesterday.

The chain operates knowledge centres crossways the eastern seaboard offering discounted make clothing and family goods.

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As recently as February, the commerce boasted of growing similar as price-conscious customers flocked to its discount centres for branded products.

But it is understood so as to four comparatively winning DFO livelihood contain person's name second-hand to rear growth eager on five additional fewer winning locations, counting Canberra, north Queensland and Hobart.

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Austexx, the collection at the back the DFO chain, is understood to contain sum debts of $1.2 billion.

The debt evils led to a consortium of bank lenders calling in bankruptcy solid KordaMentha to assess Austexx's monetary place fewer supposed six months ago.

A account at the daily supposed the four-bank syndicate had refused to give any additional credit to the DFO group, stalling labor at the South Wharf site at Docklands in Melbourne.

The Melbourne project, construct owes recognized by $500 and $550 million, might be located in receivership as close to the beginning as today.

It is fewer supposed six months as,because Austexx disclosed it was charitable for a $1.5bn purchaser for the debt-ridden business.

Austexx is 50 per cent owned by Melbourne rich-listers David Goldberger and David Wieland.

Arnold Bloch Leibler associate Leon Zwier, on behalf of Mr Goldberger and Mr Wieland, supposed his customers now operational on a answer to the Austexx crisis.

"The two Davids, as equity owners of Austexx, contain person's name vigorously attempting to maximise the place of all stakeholders," Mr Zwier said.

Read additional concerning DFO at The Australian.

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