FTI Consulting has taken over as administrators of the company, though its operations outside Australia are not affected.
Go-To is run and managed independently and not included in the administration.
BWX owns 50.1 per cent of Go-To, but is “actively working to find a compatible buyer”.
A statement issued from BWX cited “customer destocking and inventory and working capital issues” as reasons for entering administration.
“The Directors believe entering voluntary administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability,” the statement to the ASX read.
“The Directors will work with the Administrators to ensure a positive outcome in the Administration, with employees and customers remaining a top priority.”
The administrators intend to trade the Australian operations of BWX as usual.
No job losses have been announced.
Trading in BWX on the stock exchange has been suspended.
Other brands owned by BWX…