Australia's oldest wine club is more than $5 million in debt, so members are voting on whether it lives or dies | Business Insider:
"The Wine Society should be celebrating right now after Australia’s oldest wine club notched up 70 years since its founding in 1946. But instead, the organisation is fighting for its continued existence after posting increasingly large losses, squeezed by the supermarket liquor retailers.
In order to survive, the Sydney-based national club is hoping its members will back a major restructure that allow external investors to prop up the balance sheet and allow the business to borrow to repay debts, including $4.2 million owed to suppliers on April 30 this year.
In the last two financial years, The Wine Society (TWS) posted $1.13 million in losses and in the first 10 months of FY16, was another $1 million in the red.
Over the same period, more than a quarter of the membership disappeared, falling from 35,798 in 2013 to 25,337."
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