A quarter of all Colette by Colette Hayman stores across Australia and New Zealand will close as administrators desperately re-structure the business in an effort to find a buyer.
The women's fashion and bag retailer collapsed into voluntary administration two and a half weeks ago, placing 300 jobs at risk.
Today Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy announced they will close 33 stores over the next three weeks.
FULL LIST OF COLETTE BY COLETTE HAYMAN STORE CLOSURES BELOW
A total of 105 stores across Australia and New Zealand will remain open and the administrators are currently working on re-deploying affected staff into the existing stores.
"All staff impacted are expected to receive all their wages and entitlements in full," said administrator Vaughan Strawbridge.
"This is never easy and we have regrettably had to make the decision to close 33 stores.
"We are working closely with the Colette management team to effect the closures quickly while seeking to redeploy staff impacted."
Each of the 33 stores that are closing were not profitable and the administrators believe the remaining outlets will help to entice a buyer.
Founded in 2010, Colette by Colette Hayman operates 140 stores across Australia and New Zealand and employs approximately 300 staff.
The business boasted annual gross sales of over $140 million, but was forced to close due to a weak retail environment and a lacklustre Christmas buying period.
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.
Colette by Colette Hayman stores to close:
DFO Cairns Qld
Hay Street (Enex)
Source: 9News https://www.9news.com.au/national/colette-by-colette-hayman-33-stores-to-close-as-business-looks-for-a-buyer/0e8eb77e-6f48-4202-8fe8-358202a463ca