The women’s accessory and handbag retailer will continue operating while administrators seek a buyer for the business.
Women's accessory and handbag retailer Colette by Colette Hayman has collapsed into voluntary administration, placing hundreds of stores and jobs at risk.
The latest victim of Australia's worsening retail crisis, Colette by Colette Hayman was placed into administration on January 31 as poor consumer spending hit the fashion house's bottom line.
Founded in 2010, Colette by Colette Hayman operates 140 stores across Australia and New Zealand and employs approximately 300 staff.
Retail stores will continue to operate during the administration process and administrators have noted that gift cards will continue to be honoured.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy have been placed in charge of restructuring the business or finding a suitable buyer.
"Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others," Mr Strawbridge said in a statement.
The business boasts annual gross sales of over $140 million.
The collapse of Colette by Colette Hayman is the latest in a string of high-profile retail companies struggling to compete with low consumer spending and a dramatic move to online shopping.
Three weeks ago denim retailer Jeanswest collapsed, placing almost 1000 jobs at risk. Other noted causalities of the sector include women's fashion retailer Bardot, department store Harris Scarfe, Melbourne icon Dimmeys and beauty retailer Napoleon Perdis.
Mr Strawbridge said he is optimistic the administrators will find a buyer for the business.
"Our focus is on continuing to trade the business while we seek either a recapitalisation of the Group or a sale of the business," said Mr Strawbridge.
"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."
Colette by Colette Hayman store breakdown:
- NSW – 37 stores
- VIC – 33 stores
- QLD – 30 stores
- WA – 15 stores
- SA – 6 stores
- ACT – 3 stores
- TAS – 1 stores
- NT – 1 stores
- NZ - 14 stores
AUSSIE RETAILERS THAT HAVE CLOSED IN THE LAST 12 MONTHS:
Curious Planet: The science store, formerly known as Australian Geographic is set to close 63 stores.
Napoleon Perdis: Beauty retailer entered voluntary administration, with stores closing across the country.
Criniti's Restaurant: Popular restaurant chain entered voluntary administration, with several of the 13 sites across the country set to close.
Bardot: Women's fashion retailer will shut vast majority of its stores over the coming months. 530 jobs will be lost.
McWilliams Wines: Country's sixth-largest wine company appointed voluntary administrators. Had been run by same family for more than 140 years.
EB Games: Video game retailer closing at least 19 stores in 'unprofitable' locations across the nation.
Red Rooster: Closed seven Queensland stores in October 2019, leaving 100 staff without jobs.
Ed Harry: Menswear retailer went into voluntary administration and closed all 87 outlets across the country.
Harris Scarfe: Australian department store placed into voluntary administration in mid-December.
Karen Millen: British fashion giant closing all Aussie stores, leaving 80 people without work.
Muscle Coach: Leading fitness company put into voluntary administration after company racked up debts of almost $1 million.
Dimmeys: Discount retailer closed its doors for good after 166 years of trading.
Source: 9News https://www.9news.com.au/national/colette-by-colette-hayman-voluntary-administration-300-jobs-at-risk/dcc696e3-d0e7-412c-b334-6346162f3dc5