In what could bode poorly for punters and promoters, the Hi-Fi chain of venues along the East Coast have entered into external administration as of late last week.
The reason for this move is that a reported "dispute with a major creditor" could not come to a resolution between the Hi Fi Group and the said creditor.
Reportedly, Administrator Simon Nelson, from the Melbourne accounting firm, Romanis Cant, said that he would help to oversee all operations of all three venues while a buyer was sought out and hopefully found. Mr Nelson he said, "All three venues will continue to trade under my control with the support of key employees, industry stakeholders, landlords and other stakeholders," he said. "We expect to achieve a sale of the business as a going concern in the next four weeks."
While it seems that it will be business as usual for the venue, it is unclear whether this will negatively impact the Sidewaves at the venues next week as well as fair amount of upcoming tours up until June this year, which will include shows from Architects, The Smith Street Band, 360, Psychroptic, sleepamakeswaves and American Football and many more.
