Tigerlily Swimwear falls into administration for the second time in four years

It marks the second time the brand has fallen into administration in just four years, and the firm managing its affairs has revealed its plans.

Popular Australian swimwear brand Tigerlily Swimwear has again fallen into voluntary administration.

International advisory and accounting firm PKF confirmed on Thursday that it would be taking over the role as administrator.

“PKF’s present intention is to carry on the company’s activities and to continue trading,” PFK stated.

Tigerlily Swimwear has fallen into administration for the second time in four years.

“We are reviewing the company’s operations, activities and financial position to enable us to provide an opinion on the company’s future. 

“It is expected that a proposal will be received and, if accepted, will see the company continue into the future.”

It marks the second time in four years that the troubled swimwear brand has gone under.

A notice posted to ASIC on Tuesday revealed external administrators had been appointed to the company.

Glenn Franklin and Jason Stone of PFK have been jointly appointed as of March 4.

Tigerlily directors, Michael Alscher and Ziying Sun of private equity firm Crescent Capital, stepped down from their roles in January, according to ASIC documents.

The brand, known for its vibrant patterned swimwear, was founded in Sydney in 2000.

With 10 boutiques across Australia, the company had a range of other stockists across the country and distributed beachwear worldwide.

The popular swimwear brand previously went into voluntary administration during the pandemic. Picture: supplied.

External administrators have been appointed to Tigerlily Swimwear as of March 4.

The company previously went into voluntary administration in 2020, with administrator Scott Langdon attributing the decision to a drop in sales during the pandemic.

“It reduced the number of people coming through shopping centres, which reduced sales in an already challenging environment,” he said.

“A sale of business process will commence immediately and we expect a high level of interest in the business given the strong brand and its reputation.”

It comes after Melbourne-based brand Nobody Denim, which was stocked at big names like The Iconic and David Jones, collapsed into liquidation last year.

Shane Deane and Nicholas Giasoumi from Dye and Co were appointed as liquidators on October 10, according to an ASIC notice.

Outland Denim has since snatched up the brand, much to the relief of denim lovers.

Alice McCall Pty Limited is another retailer that went under last year, having also gone into voluntary administration in 2020.

The brand was founded in Sydney in 2000.

A statement released in February last year confirmed that the company hadn’t been able to recover after the pandemic.

“Despite attempts to restructure its debt and reduce its store footprint in 2020, the company was unable to overcome the challenges posed by the pandemic, and ultimately a decision was made to appoint Worrells to oversee its winding up,” the statement read.

“This is a difficult time for everyone involved and we will do our utmost to support all stakeholders throughout the liquidation process,” liquidator Matthew Kucianski of Worrells said.

“Our team is committed to ensuring that the liquidation process is conducted in a professional and transparent manner, and that all parties are kept informed of developments as they arise.”

More to come.

Originally published as Tigerlily Swimwear falls into administration for the second time in four years