Miniso stores across four states have been placed in administration

More than 20 Miniso stores across the nation are in administration, with insolvency experts looking for a rescue plan.

Miniso sells vartiety goods such as plush toys and pop culture items.

More than 20 Miniso stores across four states have been placed in administration with insolvency experts Jirsch Sutherland now looking for a rescue plan for the group.

The retail group operates stores in outlets such as DFO South Wharf in Melbourne and Highpoint, as well as Pacific Fair in Queensland, Top Ryde City in NSW and Westfield Carousel in Western Australia.

It is the second time the chain has been placed in administration, with it also undergoing a restructuring in 2020.

Andrew Spring from Jirsch Sutherland said the stores were continuing to trade while a rescue plan was hatched, with expressions of interest for the chain being sought at the moment.

Another option would be to have a deed of company arrangement struck with the company’s creditors.

Miniso’s Australian operations operate under licence from Chinese share market listed company Miniso, which does not have an equity stake in the local company but does supply its products.

There are 21 stores in the group under administration, with 13 corporate stores and eight joint venture stores.

There are also a further 18 franchise-owned stores in Australia which are not under Jirsch Sutherland’s control, however it is understood they are supplied by the master franchise which is under administration.

Mr Spring said the debt position for the group was not clear at this stage.

“There’s a lot of contingent claims, potential claims by landlords, and potential claims even by franchisees in the even that the whole Australian business closes,’’ Mr Spring said.

“We’re still working through what the position is.’’

Mr Spring said there were discussions in relation to what role the Chinese Miniso might play from here, with them being “a natural white knight’’, however that did not rule out other parties putting forward proposals.

Miniso was founded by Jack Ye following a trip to Japan in 2013, where he took inspiration from Japanese variety stores.

The company reported revenues of $US515.7m for the March quarter, up 26 per cent year on year, with profits up 24.4 per cent to $US81.2m.

The listed entity operates 6630 stores globally, adding another 217 in the March quarter.

Mr Ye said at the time of the company’s results release in mid-May that Miniso will continue to target a compound annual revenue growth rate of more than 20 per cent.

“Revenue generated from overseas markets surged by 53 per cent year over year, which exceeded even our most optimistic expectations and set a new record for the first quarters,’’ he said.

“This was largely attributable to a 92 per cent year-over-year increase in revenue from our directly-operated markets, which have seen a growth of over 80 per cent for four consecutive quarters.’’

Another report to creditors is due to be released late next week.

The group employs about 140 staff,