“Life Style Store is not under external administration” claims Facebook Page

Posted on 17th April, 2024

“Life Style Store is not under external administration” claims Facebook Page

Following our article published today regarding Life Style Store’s reported “Administration”, the company’s Facebook page posted an update in response to StereoNET‘s post on Facebook.

The “Life Style Store” Facebook page response is unsigned, so we cannot verify who currently controls the company's page or who made the post, representing the Life Style Store. StereoNET has requested an official statement on a company letterhead signed by the Director/s.

The response republished below in its entirety reads:

Life Style Store is not under external administration, and the actions taken by Danny Assabgy and his agents against Life Style Store over the last week are, in our view, unlawful.

Representing the secured creditor, Danwa, Danny Assabgy the CEO of both Hudson Homes and Build Buddy unexpectedly took action on the morning of Wednesday 10 April 2024 to take control of Theatre at Home & Roqo, and then placed them into administration on 15 April 2024. We do not believe that Danwa had the right to do so, and that these appointments were unlawful.

By virtue of Danwa's position in Roqo, Danny Assabgy claimed that he was the “Mortgagee in Possession” over Life Style Store and had security escort all of the staff off of the property, taking control of our assets and thereafter restricted our access to the business.

Over the last few days, we have been informed that Danny Assabgy or his agents have removed millions of dollars of new and display stock from both the warehouse and the Life Style Store showroom and subsequently commenced disposing of those assets, which belong to Life Style Store and other parties, claiming he is entitled to them.

While the Life Style Store company has not been placed into administration or receivership but unfortunately, due to the damage caused by Danny Assabgy's actions, we cannot operate the business in its current format. We are currently exploring our options, (including engaging legal representation to obtain legal advice) in order to act in the best interest of all stakeholders.

After 23 years of operating Life Style Store, it has been heartbreaking to see the impacts that the actions of Danny Assabgy is having on the largest specialist audio-visual retailer in Australia and especially on our staff, customers, suppliers and the audio-visual industry and community in general.

We are truly sorry for what has transpired and ask for your patience and support as we continue to explore all options to see how we can look after our Theatre at Home and Life Style Store customers and will update you as the situation develops.

As noted, the response is unsigned and it is unclear who made the post representing the Life Style Store. The response also does not address how affected customers may be compensated, nor further advice on how to contact the business for further information.

UPDATE

Wednesday, 17 April 2024 2:25PM (AEST)

The signed and dated official statement has been received by email from a Director of the Life Style Store, Vinod Christie-David.

We will continue to update customers as more information comes to light.

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    Marc Rushton's avatar

    Marc Rushton

    StereoNET’s Founder and Publisher was born in England and raised on British Hi-Fi before moving to Australia. He developed an early love of music and playing bass guitar before discovering the studio and the other side of the mixing desk. After a few years writing for audio magazines, Marc saw the future in digital publishing and founded the first version of StereoNET, known at the time as Planet Audio, in 1999.

    Posted in:Retailer News Hi-Fi Headphones Home Theatre Visual Lifestyle Integration Technology Industry
    Tags: lifestyle store 



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