Five Queensland stores to close in Napoleon Perdis business collapse
Administrators will shut the doors on 28 Napoleon Perdis stores on Tuesday, including five in Queensland.
QLD Business
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Administrators will shut the doors on 28 Napoleon Perdis stores today, including five in Queensland.
Makeup mogul Napoleon Perdis called in administrators Simon Cathro, Chris Cook, and Ivan Glavas from Worrells Solvency & Forensic Accountants last week after failing to find a buyer for the struggling retailer.
Napoleon Perdis appoints administrators
What finished off Napoleon Perdis
The retailer has 56 stores across the country and administrators will close half of them, including stores at Pacific Fair on the Gold Coast, Toowoomba, Browns Plains, Cairns and in Mackay.
Six Queensland stores - in Brisbane’s CBD, Chermside, Indooroopilly, North Lakes, Robina and Rockhampton - will remain open.
Worrells over the weekend undertook an assessment of each store’s performance and positioning in its current market environment.
“As result of this review we have identified a number of stores that will be closed,” Mr Cathro said.
This decision has not been taken lightly and we are aware that this will have an impact on employees and customers”.
“These staff will be paid their wages owing up to the date they are terminated. Some staff have been offered other roles within the Napoleon Perdis Group.”
He said the company reported a strong performance over the weekend when it slashed its prices by 30 per cent.
Mr Perdis thanked staff who had “tirelessly gone above and beyond during this challenging time”.
“Today’s closures are a necessary and anticipated step in the restructuring process,” Mr Perdis said.
“And while it feels like a sad time, this is not goodbye, and it gives us the best opportunity to keep the business trading through the administration process.
“We’ll be back in a new, more dynamic and innovative way.”
Worrells in conjunction with the Napoleon Perdis team are seeking buyers/investors.
“As expected the appointment (of administrators) has already generated significant interest in the sale of the business,” Mr Cathro said. “It is clear from those discussions that their interest is piqued through the voluntary administration’s ability to right size and restructure the Napoleon Perdis Group.”
The first meeting of creditors will be held on February 12.
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