TVSN began a closing-down sale with suppliers unpaid and its $40m rescue rejected

TVSN, the Television Shopping Network at Frenchs Forest in Sydney, launched a closing-down sale in early October 2026 after a last-ditch rescue failed. Suppliers say the network is selling stock it has not paid them for: Guy Parsons of My Hair Doctor claims he is owed $140,000 for haircare shipments already delivered, was denied entry to the headquarters, and watched presenters sell his products on air. He is preparing a formal creditor's demand, and dozens of suppliers are discussing a class action.

The rescue had been pitched in August 2026 to about 170 wealthy investors — family offices including the Forrest, Lowy, Smorgon and Schwartz interests, private equity firms and bankers. Tim Brookes, son of Direct Group chairman and former Myer CEO Bernie Brookes, sent a confidential 28-page deck titled Project Signal asking $32-40 million from a single control investor to 'restore liquidity'; he mistakenly CC'd the entire list instead of BCC. Final bids were due September 14. None came, and Bernie Brookes confirmed the owner is not considering offers.

The pitch document itself showed the hole: the business runs on just 71,000 active customers making 756,000 orders a year, net sales fell 33.4% in two years ($219.4M in fiscal 2024 to $146.2M in fiscal 2026), all figures unaudited, and trade credit insurers had withdrawn cover from Direct Group over 'historic payment behaviour'. The sale process was being run under Safe Harbour, the legal shield for directors against insolvent-trading liability — which may not survive the closing-down sale.

Net sales fell 33.4% in two years to $146.2M in fiscal 2026; the network is closing down with suppliers claiming unpaid shipments and a class action forming.

Trade credit insurers pulled cover over Direct Group's payment history, walling off the stock flow the shopping channel lives on.

The company kept selling goods in a fire sale while owing suppliers for them, prompting legal demands and a boycott branded the 'Totally Vile Shambles Network'.

The rescue asked one investor for $32-40 million against unaudited books and a collapsing customer base, and was snubbed.

Revenue rested on only 71,000 active customers, too narrow a base to absorb a 33% two-year sales decline.

Trade credit insurers are the market's early-warning system: once they withdraw cover over payment behaviour, the cash hole is already past the point a rescue round can fix.

Final bids were due September 14, 2026; the closing-down sale launched three weeks later with tightened security and 'presenter only' segments. Suppliers are serving creditor's demands — Parsons claims $140,000 — and dozens have floated a class action. Parsons is separately suing transport firm Mainfreight for releasing a shipment to TVSN against confirmations.