Tuchuzy: Designer brand store enters administration

Yet another much-loved fashion company has entered voluntary administration as Australia’s brutal retail apocalypse ramps up.

It has been a Sydney fashion institution since 1995 – but designer mecca Tuchuzy has just become Australia’s latest retail victim.

The iconic store has been a Bondi fixture for decades, attracting a throng of well-heeled customers thanks to its slew of designer clothing, shoes and accessories.

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However, the business entered voluntary administration on Wednesday, with director Daria Sakic appointing McGrathNicol partners Barry Kogan and Katherine Sozou to the task.

“Today (founder and director Daria Sakic) made the hard decision to put Tuchuzy Bondi into voluntary administration,” an email to suppliers and customers read, according to The Daily Telegraph.

“We all hope that this restructure will lead our business to a better and stronger future.”

Administrator Barry Kogan also confirmed Tuchuzy would continue trading while “an urgent assessment to determine the best course of action to preserve its business” was undertaken.

In a statement sent to news.com.au, the administrators confirmed they had taken over and “intend to continue operating the company whilst seeking a sale of the business as a going concern or recapitalisation by way of a Deed of Company Arrangement”.

A first statutory meeting of creditors must be held within eight business days after the administration begins and is expected to take place on June 16.

Any interested parties should contact the Administrators’ office by Friday, June 12.

The email sent to customers reportedly stated that the tough retail climate was a factor in the store’s downfall, and that the business would not be able to honour gift cards or vouchers online.

Over the years, Tuchuzy built a cult following thanks to its selection of popular and emerging Australian and global designers.

It stocks a huge range of renowned labels including Chloe, Givenchy and Jean Paul Gaultier.

In 2013, Tuchuzy also launched an e-commerce channel to reach customers beyond trendy Bondi.

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The announcement comes hot on the heels of a slew of other high-profile Australian businesses that have folded in 2020.

It started early on January 7 when it was revealed department store Harris Scarfe was set to shut 21 stores across five states over the course of just one month after the retailer was placed into receivership in December.

Just days later, McWilliam’s Wines – the country’s sixth-largest wine company that has been run by the same family for more than 140 years – announced it had also appointed voluntary administrators.

Then it was popular video game chain EB Games’ turn, with the business confirming it was closing at least 19 stores across the country within weeks, while fashion chain Bardot is also planning to shutter 58 stores across the nation by March.

In January it also emerged Curious Planet – the educational retailer previously known as Australian Geographic, which is owned by parent company Co-op Bookshop – would pull 63 stores across Australia after failing to find a buyer for the brand.

The same month, denim chain Jeanswest entered voluntary administration and tech giant Bose also revealed it would close all Australian stores and 119 across the globe largely as a result of the rise of online shopping.

This year German supermarket Kaufland also pulled out of Australia before it had even begun, investing millions into the expansion before making a hasty exit this year to focus on its European offerings.

Handbags and accessories chain Colette by Colette Hayman was also placed into voluntary administration in late January, leaving 300 jobs and 140 stores in the lurch, while furniture, homewares and handicrafts store Ishka also collapsed in February.

Just weeks ago it was revealed denim icon G-Star had entered administration, with Ernst & Young’s Justin Walsh, Stewart McCallum and Sam Freeman appointed administrators, and late last month fashion heavyweight PAS Group also entered voluntary administration, leaving some of Australia’s best-known labels and around 1300 staff facing an uncertain future.

The popular retailer is behind 225 shops across Australia and New Zealand, owns major brands including Review, Black Pepper, Yarra Trail, Designworks and JETS Swimwear and also supplies stock to Myer and other stores.