{"id":257143,"date":"2020-04-23T16:58:28","date_gmt":"2020-04-23T06:58:28","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=257143"},"modified":"2020-07-11T10:57:52","modified_gmt":"2020-07-11T00:57:52","slug":"kingaroys-radio-rentals-to-close","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2020\/04\/23\/kingaroys-radio-rentals-to-close\/","title":{"rendered":"Kingaroy’s Radio Rentals To Close"},"content":{"rendered":"
\"\"
Kingaroy’s Radio Rentals store in the SupaIGA shopping complex will close along with other stores around Australia after the Thorn Group Ltd decided to switch to an online-only business model<\/figcaption><\/figure>\n

April 23, 2020<\/strong><\/p>\n

The South Burnett’s Radio Rentals outlet in Kingaroy is one of the business casualties of the COVID-19 pandemic.<\/p>\n

Radio Rentals owner Thorn Group Ltd told the Australian Stock Exchange on Thursday it would permanently close its 62 Radio Rentals stores and selected warehouses.<\/p>\n

The closures include its Kingaroy store.<\/p>\n

The move will make 300 full-time and casual staff redundant during the next three months.<\/p>\n

Thorn Group said the core of Radio Rentals’ business would continue to operate but said the company intended to switch to a digital business model.<\/strong><\/p>\n

Radio Rentals’ online store will be enhanced with products that “more closely match the needs of the company’s customers”.<\/p>\n

Thorn said it had also introduced new credit policies and collection processes as well as reducing head office costs to ensure its business model remained sustainable.<\/p>\n

“I am disappointed that we have been forced to make hard decisions regarding our staff and store network,” CEO Peter Lirantzis said.<\/strong><\/p>\n

“However they have had to be made to ensure Thorn Group continues to operate and thrive in the future.<\/p>\n

“We intend to re-develop both the Radio Rentals’ digital business model and Thorn Business Finance once the COVID-19 crisis has passed.”<\/p>\n

Mr Lirantzis said the group currently had about $40 million cash at the bank and is currently pursuing a range of cost-cutting initiatives and recoveries from which is expects to generate increased cash flows in the coming year.<\/p>\n

He said the COVID-19 crisis had caused increased arrears in both Radio Rentals and Thorn Business Finance which would result in write-offs.<\/p>\n

\"\"<\/a>
Thorn Group’s decision to alter their business model has been prompted by the COVID-19 crisis<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

The South Burnett’s Radio Rentals outlet in Kingaroy is one of the business casualties of the COVID-19 pandemic.<\/p>\n","protected":false},"author":3,"featured_media":257146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,16,3],"tags":[],"yoast_head":"\nKingaroy's Radio Rentals To Close - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"The South Burnett's Radio Rentals outlet in Kingaroy is one of the business casualties of the COVID-19 pandemic.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2020\/04\/23\/kingaroys-radio-rentals-to-close\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kingaroy's Radio Rentals To Close - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"The South Burnett's Radio Rentals outlet in Kingaroy is one of the business casualties of the COVID-19 pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2020\/04\/23\/kingaroys-radio-rentals-to-close\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-23T06:58:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-11T00:57:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2020\/04\/20200423radio1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dafyd Martindale\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dafyd Martindale\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2020\/04\/23\/kingaroys-radio-rentals-to-close\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2020\/04\/23\/kingaroys-radio-rentals-to-close\/\",\"name\":\"Kingaroy's Radio Rentals To Close - 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