Style Limited (Melbourne, Australia), a manufacturer of bamboo and eucalyptus flooring, has entered voluntary administration, a form of bankruptcy, according to SmartCompany.com.
SmartCompany.com attributed the company's collapse to a weak building industry in Australia, which has experienced some of its worst results in nearly two decades. Last week, Style Limited-which has a sales force in the U.S.-appointed accounting firm Pitcher Partners its administrator.
Style Limited was founded in 2004. In November 2011 it announced plans to appointed Dewevai Buchanan president of its North American operations.
Trading of the company's shares was halted in April, and the company disclosed it had "run into trouble" formalizing a loan for $1.3 million, SmartCompany.com reported. Afterward, other attempts to raise capital fizzled out, as well. The company's administrators expressed interest in selling the company's assets or initiating a recapitalization plan.
A phone call to Style Limited's U.S. representatives was not returned as of publication time of this article.
