Denim label G-Star Australia will close after failing to find a buyer who could pull them out of voluntary administration.
G-Star Australia entered administration in May, saying traditional retailers were already facing business pressures pre-COVID-19, and that the pandemic only increased them.
Ernst & Young had stepped in as voluntary administrators, but announced on Monday that they could not find an interested buyer.
“G-Star Raw is a globally recognised brand. The fact that no party was able to buy the business reflects the high level on uncertainty regarding the future prospects for the retail sector in Australia,” EY said in a statement, per Nine News.
The failure to find a buyer means 57 retail outlets across Australia will shut up shop. 200 staff members will lose their jobs.
G-Star specialises in positioning raw, untreated denim as a wearable and desirable material.
The Dutch label was originally founded in 1989, and has stores around the world including in New York, Tokyo, and London.
Sadly, a number of other noteworthy brands have announced voluntary administration this year, including high school accessories staple Colette and swimwear labels Seafolly and Tigerlily.
Stationary god Kikki.K was also placed into voluntary administration in March, but – in some nice 2020 news – it was saved by an American stationary company.
Erin Condren Design saved 30 stores and 250 jobs under the restructured business. Overall, 35 stores were shut and around 200 jobs were axed.
Iconic Sydney fashion retailer Tuchuzy also broke the administration curse after announcing it had “regained control” of the company in July.
Daria Sakic, who founded Tuchuzy in 1995, thanked the unwavering support of customers, team, and suppliers.
