Clothing brand Jeanswest put into administration

‘Tough market conditions’ has hit another iconic Australian brand, with administrators taking control and urgently investigating how to save the business.

ICONIC Australian retail chain Jeanswest has been put into administration, with hundreds of jobs and dozens of stores at risk.

KPMG’s Peter Gothard and James Stewart were appointed administrators to the clothing company, Jeanswest Corporation Pty Ltd today.

Jeanswest, which opened its first store in Perth in 1972, employs 988 people in 146 stores across Australia.

Jeanswest launched in Queensland in 1985 and now boasts 28 stores across the state.

The company is best known for its denim, wardrobe staples and maternity wear.

Jeanswest’s operations outside of Australia are not impacted by the administration.

Jeanswest sold high-quality denim wear.

KPMG partner Peter Gothard said the company would continue to operate while the

administrators “conduct an urgent analysis of the business”.

“The administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business,” he said.

James Stewart, KPMG’s retail restructuring practice leader, said it had been “challenged by

current tough market conditions and pressure from online competition”.

“The administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market,” he said.

Administrators are now searching for interested parties to acquire or recapitalise Jeanswest.

The first meeting of creditors will be held in Melbourne on January 28.

The Harris Scarfe department store is closing down. PICTURE: BRENDAN RADKE

RETAIL KILLING SEASON

January has been a horror start to 2020 for retailers, with the news EB Games, Bardot, Harris Scarfe and Curious Planet would close stores within weeks.

EB Games stores at Inala, Bribie Island, Underwood, Cleveland and Lutwyche are earmarked for closure.

Bardot’s Cairns, Chermside, Indooroopilly, Kawana, North Lakes, Pacific Fair, Sunshine Plaza, Toowoomba and Townsville stores are among 58 across Australia to close before March.

Harris Scarfe will be almost decimated in Queensland when its six of its eight stores - Cairns, Hervey Bay, Mackay, Morayfield, Rockhampton and Townsville - close in the next month.

On Monday it was revealed 19 Curious Planet stores across Queensland would shut.

The stores, formerly known as Australian Geographic or My Geographic, will close after administrators received “no viable offers” in the sale of the troubled business.