Armaguard Rejects Lifeline Will Negotiate With Customers Directly.
Armaguard rejects lifeline – Armaguard late last Thursday rejected a $A26 million lifeline that would have saved Australia’s largest cash in transit business from insolvency.
Armaguard Group’s chief executive Mick Cronin said the company would work with customers individually on a long-term solution to the cash in transit crisis formented by a transition to digital payments that has broken the existing business model.
“Armaguard confirms it is working constructively with all its customers, including its retail customers, banks and other key stakeholders regarding both short-term and long-term financial solutions for the industry to remain sustainable,” Cronin said.
Exactly what Armaguard’s plans are moving forward remains unclear – investment from its parent Linfox could keep Armaguard afloat, but pragmatic business choices would need to faced.
You can learn more about Armaguard here or read more SEN news here.
“Armaguard Rejects Lifeline Will Negotiate With Customers Directly.”
