Iconic fashion retailer Jeanswest entered administration on Wednesday afternoon citing “tough market conditions”.
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KPMG administrators have been appointed with hundreds of jobs across 146 stores at risk. The company will continue operating while the administrators attempt to find a buyer.
Jeanswest employs 988 people and is known for its denim and maternity garments.
“The administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business,” KPMG partner Peter Gothard said.
KPMG’s retail restructuring practice leader James Stewart added that Jeanswest had suffered under “tough market conditions" and "online competition”.
“The administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market,” he said.
The retailer was first established in 1972 in Perth, with stores now stretching across the country.
The majority of stores and staff are located in NSW, with 40 stores employing 245 staff.
Yahoo Finance has contacted Jeanswest for comment.
A horror start to 2020 for Australian retailers
Only 15 days into the new decade, Australia has already seen popular stores Bardot, EB Games and major wine manufacturer, McWilliams Wines Group struggle.
Harris Scarfe and Curious Planet also announced they would close stores.
EB Games will close 19 unprofitable stores, while Bardot has appointed KPMG and decided to close 58 stores amid an “increasingly discount-driven market”.
The previous two years have also seen major retailers and hospitality groups like Max Brenner, Payless Shoes, Roger David and Toys ‘R’ Us also fail.
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