kikki.K has 65 stores and employs the equivalent of 450 full-time staff.
“It is with profound regret and sadness that we take this action,” founder Kristina Karlsson said.
“This business began with a young girl’s dream 20 years ago and became an international success story with customers in over 150 countries.”
CEO of the Melbourne-based company Paul Lacy said kikki.K had pursued every solution to save the business but was unable to secure a partnership deal.
“We ran out of time and had no choice but to place the company into external administration,” he said on Tuesday afternoon.
Jim Downey of J.P. Downey & Co. has been appointed voluntary administrator, with kikki.K placed into receivership under Barry Wight and Bruno Secatore of Cor Cordis who will run the business as its future is determined.
Yahoo Finance has contacted kikki.K for comment.
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