Colorado Group

Appointment Type: Receivership Appointment Date: 30/03/2011 ACN: 004 327 566 Appointee(s): James Stewart, Brendan Richards, Will Colwell	Office: Melbourne Case Contact: Susanne Jing Phone: +61 3 9604 5625 Fax: +61 3 9642 5887 Email: coloradogroup@fh.com.au

Background Information:

On 30 March 2011, James Stewart, Brendan Richards and Will Colwell of Ferrier Hodgson were appointed as joint and several Receivers and Managers of the Colorado Group comprising the following entities:

ARH Investments (Australia) Pty Ltd - ACN 120 748 914
Colorado Group Ltd - ACN 004 327 566
JAG (Aust) Pty Ltd - ACN 005 467 514
Diana Ferrari (Australia) Pty Ltd - ACN 099 194 368
Colorado GP Pty Ltd - ACN 124 233 861
Colorado Group Sourcing Pty Ltd - ACN 057 092 172

(All Receivers and Managers Appointed) (All Administrators Appointed)
(Collectively “the Group”)

Sal Algeri, David Lombe and Tim Norman of Deloitte were appointed Voluntary Administrators.

Current Status and Actions Required by Creditors:

On 16 June 2011, the Receivers and Managers of the Colorado Group announced the closure of 140 underperforming stores (now 139) as part of a major restructure designed to reposition the business for the future.

A total of 1,042 (now 955) employees have been affected by this restructure, which impacts the following stores:

Colorado Group – store closures

Mathers

Williams

Colorado (Aust)

Colorado
(NZ)

Diana
Ferrari

JAG

Total

7

19

101

9

1

2

139

Vic

NT

NSW

Qld

Tas

SA

ACT

WA

NZ

Head office

Total

Stores

28

1

43

29

2

12

2

13

9

139

Staff

189

10

284

175

13

79

15

97

65

28

955

A list of the stores affected is available in the ‘documents available for download’ section below.

Any queries in relation to ongoing dealings with the Colorado Group should be directed to this office.

All enquiries you may have in relation to debts which have been incurred prior to the appointment of Administrators and Receivers should be addressed to the Administrators’ office:

Deloitte Touche Tohmatsu
550 Bourke Street
GPO Box 78
MELBOURNE VIC 3000
Telephone: (03) 9671 7000

Sale of Group Businesses

Expressions of interest are now closed for the Colorado, Diana Ferrari, JAG, Mathers and Williams businesses owned by Colorado Group Limited (Receivers and Managers Appointed) (Voluntary Administrators Appointed).

The Receivers and Managers had placed the Colorado Group on the market on 5 April 2011. During the Expressions of Interest period, the Receiver was approached by more than 70 interested parties. Binding offers were finalised at the end of May. Those offers are currently being considered. The sales process is not expected to reach a conclusion before the end of June.