Football jersey maker BLK has financially crumbled partly after an overinvestment in unprofitable sponsorships of sports teams.
This is according to administrators of the Gold Coast‑based outfit.
In a report to creditors, directors had blamed an overinvestment on staff and stock, poor performance of key executive staff, competition from a former executive and a cyclone that disrupted the production in Fiji, costing FJD$12.39 million in lost sales.
BLK provides outfits to the Vodafone Fiji 7s team and teams from the Adelaide Crows to the Gold Coast Titans.
Creditors, including these professional teams, are owed almost FJD$52.66 million.
According to couriermail.com.au BLK might have been insolvent from at least March 2016.
Source: Couriermail
