Administrators have released the list of Jeanswest stores to close, with three in SA to get the chop
The horror start to the year for Australian retail continues with the full list of Jeanswest stores slated to close released by KPMG.
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The Jeanswest stores at Marion, Castle Plaza and West Lakes will close, with 37 of the struggling retailer’s outlets to close nationally.
KPMG Voluntary Administrators Peter Gothard and James Stewart said 263 employees would be made redundant nationally.
Jeanswest currently has 14 stores across SA and 82 staff, and 146 nationally, and 988 staff.
Mr Stewart said the decision to restructure the business was a “difficult but necessary
one taken in order to provide the business with the best possible chance of attracting a
new owner”.
“The decision to proactively restructure the business early in the administration process
has not been taken lightly,” he said.
“We are very mindful of the serious impact store closures and staff redundancies have on people’s lives. However, we must also work to maximise the opportunity for this business to be sold or restructured - to give it the best chance to continue.”
Mr Stewart said that, where possible, the administrators would look to redeploy team
members. Support is also to be provided through Jeanswest’s Employee Assistance
Program to those employees impacted by the store closures.
Expressions of interest to buy the business, which was placed in administration on January 15, are due by January 31, while a creditors meeting will be held on January 28.