Administrators to shut 58 Bardot stores

Around 80pc of Bardot stores will close as a buyer is sought for the collapsed fashion brand.

Fashion from Bardot

Around 80 per cent of Bardot stores will close their doors following the fashion brand’s collapse into voluntary administration.

Fifty-eight of the 72 existing stores nationwide will shut as administrator KPMG undertakes its sale and recapitalisation process.

A number of expressions of interest in the business are being pursued, KPMG says.

Meanwhile trading at 14 stores will continue, with discounting underway to clear stock.

The Melbourne-based fashion brand fell into voluntary administration in November 2019, with CEO Basil Artemides blaming heavy discounting in the retail sector for some of the group’s woes.

KPMG Restructuring Services Partner, Brendan Richards said on Thursday the closures were a “difficult” but “necessary” move to make the company financially viable again.

“Our analysis has determined it is a necessary step in rebuilding the financial performance of the business and maximising the prospects of a successful sale or restructure,” Mr Richards said.

“Subject to ongoing trading performance and discussions with landlords, it is not our intention to close further stores at this point in time.”

At the time of its financial collapse, Bardot operated 72 stores across the country, employing 800 staff.

The store closure program is expected to be completed by March 1, 2020.

All states and territories will be affected by the shutdowns, with closing dates scheduled for either February 2 or March 1.

Twenty-one stores in New South Wales, 16 in Victoria and nine in Queensland are scheduled to close.

Five stores in Western Australia, three in South Australia, two stores in ACT and one each in Tasmania and the Northern Territory will also be affected.

“I would like to thank Bardot staff for their hard work and efforts during this process,” Mr Richards said.

“I would also like to acknowledge the support of trade suppliers and a number of landlords.

“Their co-operation and patience during this time is central to strengthening the prospects of a positive outcome for all stakeholders.”