Aussie denim giant Jeanswest has fallen into voluntary administration, the brand announced on Wednesday afternoon. It comes as retail company Harris Scarfe closes 21 stores across the country and women’s fashion brand Bardot goes into voluntary administration. Christ. Not to mention, EB Games is also closing down 19 “unprofitable” stores at the end of January.
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Jeanswest was established in 1972 in Perth, and currently employs 988 people in 146 stores across the country.
According to reports, the denim brand will keep its doors open while fishing around for a potential buyer.
This arvo, KPMG was announced as voluntary administrators. The team will do an “urgent analysis” of the business to save what they can and prevent the brand’s total demise.
“Jeanswest will continue to operate while the Administrators conduct an urgent analysis of the business,” KPMG partner Peter Gothard said in a statement.
“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.”
“Urgent”, being underlined, highlighted, and circled. So if you know someone…
KPMG’s head of retail restructuring, James Stewart, pointed to online competitors and low consumer spending as reasons why Jeanswest has struggled financially.
I don’t know about you lot, but I’ve got my fingers crossed that someone throws my mum’s beloved denim staple a lifeline.
