The Strathfield Group has gone into voluntary administration with BRI Ferrier appointed to assist with a company restructure. The Board of Directors of Strathfield Group announced the restructure plans to the ASX.

Voluntary administrators Brian Silvia and Andrew Cummins will work with directors on a strategic review of the business model and individual store performances and also advise on a rationalisation process, focused on a franchising business model across the national store footprint.

The Board, in its ASX statement, has advised that it has been in discussions with the companyÍs secured financier, its largest shareholder and its largest trading partner. At this stage, directors believe they have their collective support for a restructure that should result in a more robust, efficient and focused business model.

It is hoped the restructure will see a high staff retention, although some employees may be employed under a new franchise arrangement with all of their entitlements retained. Staff members leaving the group are expected to receive their entitlements in full.

Trading in the companyÍs shares will continue to remain suspended during the period of Administration.