Jeanswest the latest Aussie retail casualty
Another longstanding Aussie retail brand has folded, with a famous fashion label tipping itself into voluntary administration. It comes just weeks after the collapse of Bardot and Harris Scarfe.
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Jeanswest has becomes the nation’s latest retail casualty.
The post-Christmas retail killing season is gathering pace with Jeanswest today tipping itself into voluntary administration as it seeks out a rescue buyer.
The fashion business operates 146 stores across Australia employing 988 people.
This includes 32 stores which employ 309 people in Victoria.
Accounting firm KPMG has been appointed administrator.
KPMG partner Peter Gothard said Jeanswest would continue to operate while 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,” Mr Gothard said on Wednesday.
Melbourne-based Jeanswest opened its first store in Perth in 1972.
The collapse of Jeanswest comes two days after Curious Planet – a retail chain which previously traded as National Geographic – announced it would shut all of its 63 stores.
MORE RETAIL NEWS
BARDOT TO SHUT STORES, SACK 500 STAFF
WESTFIELD OWNERS CRACK DOWN ON HARRIS SCARFE
Last week womenswear retailer Bardot announced it would 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.
Department store Harris Scarfe, which operates 66 stores and employs more than 1,800 staff, declared itself insolvent in early December.
Earlier this month it said it would shut 21 stores — almost one in three — resulting in more than 400 job losses.
Other major retailers to collapse of undergo major restructures during the past three years include Dimmeys, Debenhams, Roger David, Ed Harris, Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Shoes of Prey and Payless Shoes.
January traditionally sees a spike in retailers collapsing if Christmas sales have been weak but the number of high-profile closures this year has been particularly savage.