Software distributor winds up casualty to the Aussie dollar

Receivers are appointed to gaming software distributor, Red Ant, after it experiences financial difficulties and became insolvent

Independent gaming software distributor, Red Ant, has been placed in receivership after running into financial difficulty because of the weak Australian dollar.

Deloitte Touche was appointed receiver on January 16. Co-receiver, David Lombe, attributed Red Ant’s demise to the weakening of the Australian dollar against international currencies.

“Red Ant was hedging on the Euro, which amounted to a huge currency loss when the Australian dollar lost value,” Lombe said. The receivers are now working on selling the business as a going concern.

Lombe said Red Ant had hundreds of creditors but wouldn’t disclose further details.

“It is still trading, although resources are limited due to the number of creditors,” he added.

Red Ant distributes gaming titles from a number of major vendors including Capcom, Konami, Bethesda and Midway. Requests for comment from staff were not answered at time of publication.

Managing director of rival software publisher and distributor Manaccom, Ian Mackay, was surprised by the news and claimed Red Ant had a product release line-up until December. The company had also recently signed a deal to takeover Australian distribution of Konami, effective from February.

Mackay said Manaccom was interested in picking up a number of partnerships from Red Ant. “We were involved with games a number of years ago, but felt the market had become very crowded,” he said. “We see this as an opportunity to become involved again – there are not many independent distributors in Australia.”

JB Hi-Fi is one of several mass merchants dealing with Red Ant. Its CEO, Richard Uechtritz, didn’t expect much disruption to the retailer’s supply. He believed the company was one of its smaller software suppliers.

Other retailers understood to be working with the company include EB Games, Harvey Norman and Dick Smith Electronics.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags red ant

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?