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Diamond dealer Storch & Co placed in administration

In another blow to the local jewellery industry, Sydney-based diamond dealer Storch & Co has entered voluntary administration.

Daniel Storch, managing director of Storch & Co
Daniel Storch, managing director of Storch & Co

The news comes just two weeks after the surprise announcement that Miller Diamonds was placed in liquidation and has since closed.

Adam Shepard, from specialist insolvency firm Farnsworth Shepard, was appointed official administrator on Thursday 31 July.

Shepard told Jeweller that, “At the moment it’s business as usual. Storch & Co is still trading and a creditors’ meeting is scheduled for Tuesday 12 July.”

Storch & Co managing director Daniel Storch issued a “Statement to the jewellery industry” on Friday 1 August that read: “With the loss last week of our colleagues at Miller Diamonds it is obvious that the jewellery wholesale sector is under increasing pressure. My decision to place Storch & Co in voluntary administration has been prompted by difficult trading conditions.

“There have been business directional changes that have been made at Storch & Co, and others proposed. Unfortunately, the expected gains from restructure have not been in all instances realised to date.”

The statement went on to advise that the business’ financial plight had required the appointment of a voluntary administrator and, “It is intended that a Deed of Company Arrangement be propounded so as to enable the business to continue to trade.”

Shepard confirmed to Jeweller that a Deed of Company Arrangement was currently being prepared in time for the creditors’ meeting.

More reading:
Diamond dealer shuts up shop, buyers interested
Diamond dealer placed in liquidation










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Wednesday, 18 September, 2019 12:56am
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