Cue Clothing reportedly sold out of receivership to Bill Wavish, an ex-Myer chairman

Neither the receivers nor the buyer has announced a deal. FTI Consulting, the receivers, declined to comment to SmartCompany and Ragtrader. According to media reports cited by Ragtrader, the purchase covers 12 stores, the brands' concessions in Myer and David Jones, the website and some stock, with an announcement expected this week.

Cue & Co Pty Ltd and two related companies went into voluntary administration and receivership on 15 September. Duncan Clubb and Shaun McKinnon of BDO are the administrators. Kate Warwick and Vaughan Strawbridge of FTI Consulting were appointed receivers and managers by a lending entity of owner Hilco Capital, and they control trading, staff and leases. The chain had 51 stores when it failed. Five shut in September and 26 more closures were announced in October, leaving about 20, Inside Retail reported.

The administrators' report to creditors, lodged with ASIC and reported by Ragtrader, lists A$50.7 million owed to 861 creditors. That includes A$27.7 million to two Hilco lenders, A$12.8 million to 175 trade creditors and A$2.5 million in entitlements owed to 575 employees. The business employed roughly 575 people in Australia and another 34 across the Tasman. If Cue & Co were liquidated, ordinary unsecured creditors would recover nothing or at most 3 cents per dollar, the report estimated. The administrators' early review did not find any breach of directors' duties.

Wavish, an old friend of founder Rod Levis, plans to oversee the business himself, SmartCompany said, summarising other reports. None of the reports say which staff or leases move to the buyer, or whether gift cards, credit notes and Cue Club points will be honoured. The receivers had aimed to sign documents in early November and complete a sale in early December, the administrators' report said.