Samsara's founders 'run out of money'

…the appointment of administrators had upset the franchises which were not suffering from the same financial burden. "They are pretty upset about what is going on because of the effect to the brand name," he said.

http://www.goldcoast.com.au
June 2, 2009

Samsara's founders 'run out of money'
Shannon Willoughby

CREDITORS linked to a Gold Coast wholesale exotic furniture supplier will meet with administrators today after the empire struck financial turmoil last month.

The companies — Samsara Wholesaling Pty Ltd, Samsara Furniture And Cafe Pty Limited, Samsara Furniture and Homewares Pty Ltd, Samsara Exotic Wares and Cafe Pty Ltd and Samsara Licencing Pty Ltd — moved into administration on May 21.

PKF administrator Gavin Morton yesterday said that the company's director Giovanna Grassi Aryafara sought help after 'running out of money'.

Mr Morton said more information on the debt level would be revealed at today's meeting.

He said there were around 50 creditors, which include one secured, several unsecured and a handful of employees.

"We are still trying to work out who is owed what," said Mr Morton. "They had run out of money and had a number of issues with the banker and (they were) not able to meet debts going forward.

"There's debts owing to the secured creditor, there's employee entitlements and the unsecured creditors."

He said he was unsure whether a deed-of-company-arrangement would be proposed.

Ms Aryafara was the franchisor for a handful of Samsara stores across the state.

She also owns a store and a warehouse at Burleigh Heads.

Mr Morton said the appointment of administrators had upset the franchises which were not suffering from the same financial burden.

"They are pretty upset about what is going on because of the effect to the brand name," he said.

There are 10 stores, including four on the Gold Coast.

"They are not in any form of administration," he said.

"The assets that are owned by the franchisor companies are stock and whatever intellectual property rests with the franchisor."

One franchisee, who did not wished to be named, said his store sourced stock from Ms Aryafara as well as other wholesalers.

The award-winning company was launched by husband-and-wife team Giovanna and Donald Aryafara at Mudgeeraba 16 years ago.

Samsara made a name for itself selling exotic, Asian furniture against a backdrop of incense and eastern music and has won four Gold Coast Business Excellence Awards.

Mr Aryafara, who is Indonesian, designs some of the furniture. Mrs Aryafara is a talented photographer.

The couple split their time between homes on the Gold Coast and in Bali.

http://www.goldcoast.com.au/article/2009/06/02/84305_gold-coast-business.html


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