Clothing chain Bardot to shut 58 stores, sack 530 staff
Melbourne-born womenswear label Bardot has become the latest Australian retailer to fall victim to weak consumer spending, with several Victorian stores set to close.
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Womenswear retailer Bardot will shut 58 stores and lay off more than 500 staff as it dramatically scales back the size of its business in a bid to attract a rescue buyer.
In the latest dose of bad news for the nation’s battered retail sector, Bardot administrator KPMG said a major restructure of the Melbourne-based fashion chain would result in just 14 stores continuing to operate.
In all, about 80 per cent of the retailer’s brick-and-mortar outlets will shut by the start of March.
The closures will result in 530 job losses.
Bardot was put into voluntary administration in late November, becoming the latest victim of weak consumer spending, the rise of online shopping, relentless discounting and an influx of global fast fashion giants.
KPMG Australia restructuring services partner Brendan Richards said the store closures were unfortunate but necessary.
He said KPMG was looking to secure a buyer to inject new funds into the fashion chain.
“While closing stores is a very difficult decision to make, our analysis has determined it is a necessary step in rebuilding the financial performance of the business and maximising the prospects of a successful sale or restructure,” Mr Richards said on Thursday.
“Subject to ongoing trading performance and discussions with landlords, it is not our intention to close further stores at this point in time.”
Sixteen Bardot and Bardot Junior stores will be shut in Victoria, a tally which includes the Knox outlet which closed in early December.
The 15 remaining stores will shut on February 2 and March 1, with a fire sale launched to clear stock.
These are located in Chapel St, Chadstone, Craigieburn, Doncaster, Eastland, Fountain Gate, Geelong, Highpoint, Myer Emporium, Spencer St Outlet, Watergardens and Werribee.
Victorian locations which will remain open are Chadstone, Doncaster, Epping, Highpoint, Melbourne Central, Northland and Westfield Southland.
All Bardot Junior stores will be closed and the chain will only operate in Victoria and New South Wales after the store closures.
Bardot chief executive Basil Artemides has said the fashion chain fell foul of a “highly cluttered and increasingly discount-driven market”.
The retailer, which opened its first store on Bridge Rd in Richmond in 1996, had 72 stores across Australia and employed 800 staff before its collapse.
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A string of retailers have collapsed or been forced into major restructures during the past three years, including discount retailer Dimmeys, menswear chains Roger David, Ed Harris and Rhodes & Beckett, and footwear groups Shoes of Prey and Payless Shoes.
Others include fashion retailers Marcs, David Lawrence, Herringbone and Bardot, and handbag maker Oroton.
Originally published as Clothing chain Bardot to shut 58 stores, sack 530 staff
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