Staff at women's clothing chain Valleygirl are out of pocket and facing an uncertain future as the company is placed in administration. Photo / Sarah Ivey
Staff at women's clothing chain Valleygirl are out of pocket and facing an uncertain future as the company is placed in administration.
The term refers to the freezing of a financially troubled company's financial position as its future is considered.
This week staff told Fairfax that pay for the last
fortnight, which was due to be processed on Wednesday night, failed to arrive.
They'd been told Australian administrators Jirsch Sutherland were taking the company over from July 22 and employees' wages would be guaranteed by them unless otherwise notified. However, it was not clear whether staff would be paid any wages still owing.
"In relation to arrears, the administrators are currently assessing the financial position and will advise in due course," said the company in a memo given to staff and forwarded to Fairfax.
