Popular women’s fash brand Bardot has reportedly gone into voluntary administration, as the “highly cluttered and increasingly discount-driven” market continues to spell the downfall for Aussie retailers.
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Bardot boasts 72 stores across Australia – 15 of them in Victoria – and employs around 800 staff members.
Bardot chief executive Basil Artemides said a national retail network in its current state was “no longer sustainable”.
“Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market,” he said.
“We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment.”
KPMG Australia was reportedly appointed on Thursday to lead a company-wide restructure.
Brendan Richards, restructuring services partner with KPMG, said stores would continue trading as normal and gift cards would be honoured on a dollar-for-dollar basis for “the foreseeable future”.
“Bardot is an iconic Australian womenswear brand with a rich history of over 20 years of growth,” Mr Richards said.
“In the last five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high-profile international department stores.
“Although the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times. We expect strong interest in the sale (and) recapitalisation process.”
Bardot was established in 1996 and quickly became a trusted brand for the young and female demographic.
Its head office is in Abbotsford in Melbourne’s inner north-east.
Melbourne will host the first meeting of creditors on Tuesday, December 10.
