Australia’s oldest wine club is in a world of hurt
AUSTRALIA’S oldest wine club is in a world of hurt. The Wine Society has lost money for years, squeezed by discount bottle shops and rival online retailers. Now the non-profit cooperative wants its 25,000-plus members to ratify a restructure that would see external investors provide a $3 million banking facility. The money will be used to help pay down debt, including $4.2 million owed to suppliers.