Embattled fashion label Lisa Ho is closing down just weeks after the company went into voluntary administration.
Administrators Barry Taylor and Todd Gammel of HLB Mann Judd announced the closure of Lisa Ho Group on Tuesday.
In a statement, administrators said they would focus on closing all Lisa Ho stores across Sydney, Melbourne, and Brisbane.
It comes just months after the high-end fashion retailer announced plans to list on the Australian Securities Exchange.
The label is reportedly riddled with $11 million in debt and failed to attract buyers after going into administration on May 8.
It is being reported that an immediate closing sale is now underway until Sunday 30 June 2013, with clothes and accessories discounted to clear at the following locations:
Lisa Ho Strand Arcade, Sydney
Lisa Ho at David Jones, Elizabeth Street Sydney
Lisa Ho Chadstone, Melbourne
Lisa Ho at David Jones, Bourke Street Melbourne
Lisa Ho Wintergarden, Brisbane
Online at www.lisaho.com
100 jobs to go
Around 100 Lisa Ho staff will lose their jobs as a result of the fashion label closing down.
Announcing the closure on Tuesday, administrator Todd Gammel of HLB Mann Judd said three Lisa Ho stores - in Sydney, Brisbane and Melbourne - would remain open until the end of June in an effort to sell existing stock."There's a spring collection ready to be ordered and put in store, but it may not see the light of day," he told AAP.
Ms Ho was understandably upset when the decision was made to wind up her company, he said.
"It was a very emotional day yesterday, and I think it's been a very draining process on Lisa personally," Mr Gammel told AAP.
"But she understands how it all works and she's moving forward as best she can."
The label, riddled with $11 million of debt, is closing despite reported interest from department store chain Myer, as well as expressions of interests from private equity groups and trade buyers.
Mr Gammel said everybody who looked at the brand liked the product, and they had been confident of securing a buyer as recently as last week.
"I went to the creditors last Thursday. We had an offer on the table which was as a going concern.
"Unfortunately that offer fell apart on Friday and over the weekend."
Lisa Ho is not the first Australian fashion brand to go into voluntary administration in recent years.
Popular sass & bide, denim label Bettina Liano as well as Wayne Cooper's Brave, Ksubi, Charlie Brown, Danny Avidan Jayson Brunsdon have all survived voluntary administration.
Myer purchased Trent Nathan, sass & bide and the Wayne Cooper Brave label outright, all of whom are flourishing under the retail giant's auspices.