Shanton administrator says troubled clothing chain has $4.4 million shortfall in assets to debt

Wed, 11 Feb 2015

By Fiona Rotherham Feb. 11 (BusinessDesk) - Creditors of women’s clothing chain Shanton Fashion are owed almost $7.8 million while the company has only $3.35 million in assets, a wider shortfall than the $693,000 estimate directors gave when the company went into voluntary administration last month. Administrator Bryan Williams’s latest report says the total number of creditors is 206, including the Inland Revenue Department owed $109,125 and employees owed $175,000 in outstanding holiday pay. Debts include $1.58 million in loans from int...

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