In another blow to Australia’s struggling retail industry, jewellery and accessories brand Colette by Colette Hayman has gone under.
Founded in 2010, CBCH Group – the parent company behind Colette by Colette Hayman – was placed under voluntary administration on 31 January this year, but was announced today.
According to a statement by Deloitte voluntary administrator Vaughan Strawbridge, the $140 million business had, like others, been “unfortunately ... impacted by the current weak retail environment”.
“Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business,” Strawbridge said.
“Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible.”
The latest closure: Jeanswest to shut 37 stores and cut nearly 300 workers
The brand has 140 stores across Australia and New Zealand and hires more than 300 permanent and casual staff.
Workers will continue to be paid under the administrators, and it will be business as usual.
Colette by Colette Hayman has 37 stores in NSW, 33 in Victoria, 30 in Queensland and 15 in Western Australia.
South Australia is home to six Colette stores, while the ACT has three. Tasmania and the Northern Territories have one store each. There are fourteen stores operating in New Zealand.
The first meeting of creditors will be held on 12 February.
Retail apocalypse continues
The retail sector has claimed several brands in recent years.
Clothing retailer Jeanswest announced last month that it would close 37 stores and make 263 employees redundant as part of a restructure after being placed under voluntary administration.
A few days into the new year, Bardot, EB Games and long-time family business McWilliams Wine folded within days of one another.
And in late December, Hariss Scarfe was placed into receivership, placing 1,800 jobs at risk.
The retail apocalypse has also claimed other companies such as Roger David, Gap, Topshop and Payless Australia last year, though some were rescued soon after going under, such as Oroton and Doughnut Time.
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