As the owner of beleaguered e-tailer dstore slips into financial turmoil, Wishlist.com.au stands to lose eight percent of its stake in the company as the ripple effect takes hold.
According to online retailer Wishlist.com.au, the company is waiting to hear from administrators as to whether they will receive money for the shares it owns in dstore.
Voluntary administrators KPMG were appointed this week to manage dstore's parent company Harris Scarfe, which is tettering on receivership. The bricks and mortar company bailed out dstore in last December.
The Australian Securities and Investment Commission (ASIC) has also commenced an investigation into the company's financial position.
Wishlist says Harris Scarfe has contractually agreed to sell back eight percent of Wishlist's stake in dstore.
Wishlist says it has paid Harris Scarfe in full it's 20 percent holding in dstore.
"We've settled our account. We've paid them, but they haven't paid us," the spokesperson said.
"We'll just have to wait and hear how they are going to move with us."
A spokesperson for Harris Scarfe told ZDNet, it will take weeks to unravel the financial position of the beleaguered retailer.
"As to what percentage in the dollar creditors will get, we wouldn't know at this stage," he said.
A meeting of creditors will be held Tuesday, 10 April.
