Where did they go wrong?
http://www.news.com.au/dailytelegraph/story/0,22049,23203395-5001021,00.html
STAFF sacked from the country's largest automotive parts distributor have
mounted a vigil at the gates of its Sydney warehouse.
About 20 of the 76 Sydney workers sacked by fax yesterday, when National
Parts revealed it was $52 Million in debt and unable to to keep trading,
turned up at the Smithfield warehouse this morning
About 300 workers were sacked by National Parts yesterday.
Nationwide, National Parts is Australia's largest independent wholesale
automotive parts distributor.
It services a 160-store retail franchise network and its parent company,
Automotive Components, is also the main manufacturer and supplier of
automotive bearings to Holden, Ford and Toyota.
Employees are owed $5 million but the cir***stances of the administrators'
appointment means their entitlements and termination payments have been
frozen while all assets and liabilities are identified.
National Parts's assets will be advertised for sale today. The assets
include six distribution centres around Australia, the network of
member-owned AutoPro stores and stock including 120,000 items under more
than 200 brands.
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