A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk.
Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday.
The company’s dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters.
Its four major dealerships are located in Ringwood, Dandenong, Geelong and Adelaide.
It also runs service centres, a finance division and an online store.
Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have now taken control of the company, which was founded in 1970 by brothers Vince, Steve and Peter Chiodo.
“The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,” KordaMentha said in a statement.
Mr Shepard said there was a “genuine turnaround opportunity” for the business.
“With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,” he said.
“These are…