figure TVSN payment as network holds closing
The Television Shopping Network (TVSN) has announced a closing-down sale after failing to secure new investment, leaving suppliers like the footwear company Minx unpaid. Business owners are expressing concern over the lack of clarity regarding outstanding debts.
Why it matters
The collapse of a long-standing retail network highlights the risks to independent suppliers during corporate insolvency processes.
A Kiwi footwear company says it is owed hundreds of thousands of dollars and fears it could be left out of pocket as a major TV shopping network holds a closing-down sale.
The Television Shopping Network (TVSN), which has broadcast in Australia and New Zealand for three decades, announced this week it was holding a closing-down sale after failing so far to secure a buyer or investor.
Cushla Reed, owner of Minx, told the Herald the news came as a “real shock”.
Two weeks ago Reed was in Sydney watching customers snap up her designs live on air.
“Now realising that there’s a potential I may never get paid for it is absolutely heartbreaking,” she said.
“It’s a significant amount for an independent business. We’re seeking some really strong clarity around how that’s to be resolved.”
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