Following the collapse of department store Harris Scarfe, fashion chain Jeanswest and Co-op Bookshops, accessory retail chain Colette By Colette has called in the administrators.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy have been appointed voluntary administrators by CBCH Group, which trades under the Colette Hayman banner.
Colette By Colette Hayman has like many others been impacted by the current weak retail environment, explains Strawbridge, one of the administrators.
“Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business.
“Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible.”
He adds that as trading continues employees will continue to be paid by the administrators and he is confident there are sufficient assets to meet all employees entitlements. The administrators will continue to honour gift cards.
Founded in Australia in 2010, Colette By Colette Hayman operates across 140 stores in Australia and New Zealand as a destination for bags, jewellery and accessories. The business employs over 300 permanent staff, plus casuals, with annual gross sales of over $140 million.
Image: stock photo