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Parma & pint, Movie Night and Uni Night, all designed to get you to come and check out the venue.
“It’s sort of happily becoming more of a distant traumatic memory, right?” Fortress Melbourne CEO Jon Satterley told Stevivor.
“Certainly in the depths of lockdown two it was unmitigatingly awful. Despite any business challenge we might have figured we were going to face doing something as heroic and as adventurous as building this joint and setting up this business from scratch, no one factored in shutting it down four days later, and basically shutting the shop for 10 months.” Satterley continued. “That was not ever in the plan; nor was it for anybody who was in a similar circumstance.
Alice McCall survives $7 million debt collapse
By Imogen Bailey | 29 January 2021
Ragtrader.
According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor - the title holder of the intellectual property - $5 million to ordinary unsecured creditors, $130,000 to redundant employees and $400,000 to the bank.
As part of the DOCA, creditors voted to accept a 10 cents on the dollar dividend, while employees will receive 100 cents on the dollar.
Speaking on the process, Purchas said that a restructuring option was the best course of action for the business, especially seeing as the IP holder of the Alice McCall trading name was not willing to sell.