Lisa Ho to close its doors forever
EMBATTLED fashion label Lisa Ho is closing down just weeks after the company went into voluntary administration.
WELL-REGARDED industry stalwart and a star performance at the recent Australian fashion week weren't enough to keep designer brand Lisa Ho in business, with stores set to close.
Today, administrators for the Lisa Ho Group, Barry Taylor and Todd Gammel of HLB Mann Judd, announced that despite considerable interest, 'a sale of the Lisa Ho Group business as a going concern has not been achieved within the sale program'.
Discussions are continuing with a number of interested parties in relation to the purchase of intellectual property, stock and other assets of the Lisa Ho Group.
"The Administrators are now focused on an orderly closure of the remaining Lisa Ho Group stores."
For the past 30 years the Lisa Ho label followed a modern, fashion-now aesthetic but like most fashion retailers, particularly following the GFC, there has been thwarted demand growth and increased competition of numerous online retailers.
Major competition has also been seen from the likes of Zara and Top Shop, whose 'fast fashion' and affordable designs has resonated with Australians, making many local designers fear for their fashion livelihood.
A final sale at Lisa Ho stores is now underway, with stores expected to close at the end of June.
The announcement comes just months after the fashion retailer announced plans to list on the Australian Securities Exchange, although the label is reportedly riddled with $11 million of debt.
After going into administration on May 8, the brand failed to attract buyers, but as recently as last week were reportedly close to signing a deal that could have seen the Apparel Group take over.
The privately owned Apparel Group, which currently operates the Willow, Saba and Sportscraft clothing brands, was rumoured to have edged out Myer in negotiations.
The Ho fashion house went in to voluntary administration last month after having recorded a loss of $2.4 million in the last financial year and since then, six of the 10 Lisa Ho stores have been closed down, as well as one clearance store.
It follows others including Bettina Liano, Sass & Bide, Herringbone and Charlie Brown who have fought their way out of financial trouble.
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