Your summer essentials fave Seafolly has officially gone into administration, citing the pressures of the COVID-19 pandemic as one of the main reasons for the sale of the business.

As reported by Inside Retail, the swimwear fashion label will be set up for sale by restructuring group KordaMentha Restructuring, and administrator Scott Langdon said that there will be a “high level of interesting in purchasing the business” thanks to its reputation and brand quality.

Seafolly – which is Australia’s largest swimwear brand and has been a mainstay in Aussie summers for nearly 50 years – now joins JeansWest, Tigerlily and GStar Raw falling due to the pressures of the global pandemic,

It’s believed that all of the Seafolly flagship stores – 44 in Australia and 12 internationally including Singapore and the US – will continue to operate and trade while the administration process unfolds.

Gift cards and reward points will also still be redeemable and valid during this time.

More to come.

Image: Instagram / @seafolly