A Hong Kong family has bought collapsed clothing retailer Jeanswest, saving the jobs of 680 employees in Australia.

Harbour Guidance Pty Ltd, owned by Chun Fan Yeung and his family, bought the business after it went into voluntary administration last month.

Managing director George Yeung celebrated the sale announcement.

Jeanswest has gone into voluntary administration.

"The acquisition of Jeanswest business will present an opportunity to rejuvenate this iconic brand well known to the Australian community," he said.

"We are committed to continue servicing Australian communities and grow the Jeanswest brand organically through the omnichannel service offering."

The sale will include as many as 106 stores, but is conditional on landlords agreeing to revised lease terms, administrator KPMG said in a statement.

"This is a great result for all parties," KPMG's James Stewart said.

"Retail is a people business and the administrators greatly appreciate the resilience of the Jeanswest staff through the administration process."

Hundreds of staff will still lose their jobs, with 308 redundancies made after the iconic denim house went under.

Forty stores that the administrators announced would close will not be reopened.

Mr Yeung's family also has a stake in swimwear brands Quiksilver and Roxy.

The family also owns the Chinese offshoot of Jeanswest, which operates 1500 stores in 250 cities in mainland China, and another 11 in Hong Kong.

The first Jeanswest opened in China in 1993.

One of the hundreds of Jeanswest stores in China.

Jeanswest is one of Australia's most recognisable casual clothing brands.

The company had been squeezed by the foundering retail market and increasing competition from online outlets.

Jeanswest was first established in Perth in 1972.

There are also Jeanswest franchises in Vietnam, Russia, Indonesia, Fiji, Venezuela, Papua New Guinea, Mongolia and Nepal.

Source: 9News https://www.9news.com.au/national/jeanswest-stores-saved-by-hong-kong-family-after-voluntary-administration/6995fdbe-6a67-4b09-9f13-4a8874774e5a

By 1news.info

Author 1news.info