Quintis Sandalwood Collapse Leads to 69 Job Losses in Western Australia

Quintis, a Perth-based sandalwood company, has gone into receivership, resulting in nearly 69 job losses, including 17 in Kununurra, Western Australia. The receivers' efforts to find a buyer for the company's assets have been unsuccessful, leading to the job cuts.

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Bijay Laxmi
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Quintis Sandalwood Collapse Leads to 69 Job Losses in Western Australia

Quintis Sandalwood Collapse Leads to 69 Job Losses in Western Australia

The collapse of Quintis, a Perth-based sandalwood company, has resulted in the loss of nearly 69 jobs, including 17 in the town of Kununurra in Western Australia. The company, which operated Indian Sandalwood plantations, went into receivership in April under FTI Consulting after nine of its entities were placed in the hands of receivers.

Why this matters: The collapse of Quintis has significant implications for the Australian economy, particularly in regional areas like Kununurra, where the company was a major employer. The failure to find a buyer for the company's assets also raises concerns about the long-term sustainability of the sandalwood industry in Australia.

Efforts by the receivers to find a buyer for Quintis have so far been unsuccessful, leading to the job cuts. The sale process failed to attract significant interest from potential purchasers, forcing FTI Consulting to make the difficult decision to reduce the workforce.

Sandalwood is a highly valued tree species, prized for its aromatic wood and oil which are used in incense, perfume, and traditional medicines. Quintis was a major player in the global sandalwood market, with extensive plantations in northern Australia.

The job losses will have a significant impact on the small community of Kununurra, where Quintis was a major employer. The town, located in the far north of Western Australia near the border with the Northern Territory, has a population of around 5,000 people.

The collapse of Quintis and the resulting job cuts are a blow to the sandalwood industry in Australia and to the local economy in Kununurra. The receivers are continuing to explore options for the future of the Quintis business and assets, but the immediate priority has been managing the fallout from the company's failure, including the unfortunate necessity of workforce reductions.

Key Takeaways

  • Quintis, a Perth-based sandalwood company, has collapsed, resulting in nearly 69 job losses.
  • 17 jobs lost in Kununurra, Western Australia, a major blow to the local economy.
  • FTI Consulting failed to find a buyer for Quintis' assets, leading to job cuts.
  • Sandalwood industry in Australia faces uncertainty due to Quintis' collapse.
  • Receivers continue to explore options for Quintis' future, but prioritize managing the fallout.