The misery isn’t slowing down any time soon, with yet another retailer going into voluntary administration.
Swedish design and stationery business, kikki.K, with stores across Australia, New Zealand, Singapore, Hong Kong and the UK, has joined a growing list of retailers falling victim to the difficult trading conditions including Karen Millen, Colette by Colette Hayman and recently homewares retailer Ishka.
Founded by Kristina Karlsson and Paul Lacy 20 years ago, the luxury stationery chain has more than 60 stores worldwide and employs 450 staff.
“It is with profound regret and sadness that we take this action," Karlsson said in a statement last week.
"This business began with a young girl’s dream 20 years ago and became an international success story with customers in over 150 countries.
"The last few weeks have been some of the most challenging of our lives but we remain determined to find the right new partner to continue chasing our dream, so we can get back on track for all of the people including our wonderful team who rely in some way on this beautiful brand."
kikki.K has been placed into receivership under Barry Wright of Cor Cordis, who says it’s business as usual until they have found a solution.
"kikki.K has unfortunately joined what has become a long list of financially distressed retailers, given softening consumer spending, high leasing costs, compounded by a disappointing December and January trading period," he said in a statement.