THREE of Warrnambool's major discount stores are under threat after the collapse of its parent company.Administrators and receivers were yesterday called in to take control of Australian Discount Retail (ADR) -- the owner of Go-Lo and Sam's Warehouse.Receiver Ferrier Hodgson said the businesses would continue to operate as normal. But shoppers were still wary, with some rushing to Go-Lo on Liebig Street to spend store vouchers they were saving for next Christmas."If they close, the voucher is no good. As soon as I heard the news I came down to spend it," one shopper said.ADR was created by private equity funds Catalyst and CHAMP, which paid $200 million for the discount businesses in 2005.It is believed the group collapsed after the banks which funded the deal pulled out, refusing to lend more money. They were reportedly owed $96 million.A Ferrier Hodgson spokesman said the businesses were on the market and it was hoped the company could be bought as a whole."Hopefully we can find a buyer who will take the lot. We expect the sale to take several months," he said.Warrnambool has two Go-Lo stores - one in the CBD and the other at Gateway Plaza in the city's east.Sam's Warehouse moved into the former Warrnambool Co-Op site, owned by Saracen Properties, last year.The Co-Op collapsed in 2007 after it recorded its fourth consecutive loss.Saracen state general manager Geoff Morley said Sam's Warehouse needed to be kept open at all costs."We feel we were a victim of the Co-Op demise and now we are a victim again and it's up to the staff and people of Warrnambool to pick up the pieces," Mr Morley said."We don't want people to lose their jobs again. We are interested in either keeping the store running under the Sam's Warehouse banner or some other guise."Mr Morley told The Standard he had already talked to other retailers about occupying the 3000-square-metre site. He said the business was vital in attracting other tenants to the Co-Op shopping complex."I have been on the phone to a couple of interested retailers who were interested in moving to the site when Sam's Warehouse did," he said."We are committed to making this centre work and do not want to lose a tenant."There are 32 Go-Lo and 26 Sam's Warehouse stores in Victoria. Despite talks over several months, Australian Discount Retail's three banks could not reach an agreement with the private equity owners over an injection of capital.The bankers yesterday appointed administrators from Deloitte, after which the board placed the company in the hands of receivers from Ferrier Hodgson.The group's retail chains employ about 2500 staff nationwide and last financial year generated sales of $811 million. with THE AGE