Citing the (recent) lockdowns as the main culprit, kikki.K has gone into voluntary administration again.
The luxury stationery chain was placed into receivership for the first time in March last year under Barry Wright of Cor Cordis. It was sold in June 2020 to Texas-based Erin Condren Designs (EC Designs), however, due to the uncertain global environment and the risks associated with it, EC Designs has decided backing the business is no longer a viable option.
Founded by Kristina Karlsson and Paul Lacy 20 years ago, kikki.K has 36 stores in Australia and New Zealand, with more than half of these currently closed due to the lockdowns in VIC, NSW, ACT and New Zealand.
“It’s been a massive battle for business survival in recent months,” Lacy recently said in a statement.
“We’ve taken numerous urgent steps to find a way through but the sheer impact and magnitude of lost sales due to Covid lockdowns and the risks for directors associated with continuing to trade with such significant uncertainty ahead gave us no choice.”
The current administrators Liam Healey and Quentin Olde from Ankura are looking for expressions of interest with a closing date of 13 September 2021 and said they have already had interest.
kikki.K’s online store is still trading as usual.
