The parent company of Australian fashion icon Jeanswest has entered voluntary administration, signaling the closure of its physical retail stores just a few years after its acquisition.
This marks the second time since 2020 that Jeanswest has faced voluntary administration, with the company unable to sustain its brick-and-mortar operations. While the retail closures will affect 600 employees across 90 stores, the business will continue to operate online.
Harbour Guidance Pty Ltd, the corporate entity behind Jeanswest, has appointed Pitcher Partners’ Lindsay Bainbridge, Andrew Yeo, and David Vasudevan as joint administrators.
Mr. Bainbridge stated that the company had fought for five years to revitalize the 53-year-old brand but ultimately determined that shutting down its physical stores was necessary.
“The owners have done everything they can to keep Jeanswest going, but market conditions mean sustaining bricks-and-mortar stores is not viable and unlikely to improve,” he said.
He acknowledged the difficult impact of the closures on employees and customers, assuring that efforts would be made to support affected staff.
“This is a hard day for hundreds of Jeanswest team members, and we will be working directly with them to provide clarity and information about the next steps,” Mr. Bainbridge added.
The administrators will now focus on restructuring the business, with all store stock expected to go on immediate sale.
“We will be opening the doors of all stores and selling online to clear all stock to secure a return to creditors,” Mr. Bainbridge said.
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