Colette by Colette Hayman has collapsed into voluntary administration, becoming just the latest brand to be savaged by Australia’s retail climate.
The jewellery, bags, and accessories chain, which was founded in 2010, has 140 stores across Australia and New Zealand.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden, and Jason Tracy have been appointed administrators.
“Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others,” Strawbridge said. And by “others”, he means Bardot, Harris Scarfe, and Jeanswest… to name only three, unfortunately.
“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 that, given the strength of the brand, the team is confident that they will be able to “secure a future for the business and preserve the employment of as many people as possible.”
I will admit I haven’t bought Colette since high school, but this new is still quite a surprise. It was only last month that Jeanswest announced it had caught a bad case of the voluntary administration bug. Last I heard, administrators KPMG said the brand will keep its doors open while it fishes around for a potential buyer.
As for the other brands I’ve listed, Bardot is planning to shut down 58 stores across the nation by March and Harris Scarfe will close 21 stores across the country. EB Games also recently announced it was closing at least 19 of its stores nationally.