Two More Iconic Retailers Fall Into Administration
Another luxury clothing retailer is in financial strife with Herringbone and Rhodes & Beckett announcing it has gone into voluntary administration.
The jobs of 140 employees across 29 retail stores throughout Australia are now under a cloud.
This comes less than a week after Marcs and David Lawrence went into administration, throwing in doubt 1,130 jobs in Australia and 42 in New Zealand.
Melbourne-headquartered Herringbone and Rhodes & Beckett are majority owned and supplied by global German luxury apparel maker van Laack GmbH.
The Aussie brands are understood to have had a number of underperforming stores, administrator Bruno Secatore from Cor Cordis said in a statement on Tuesday.
"We understand from van Laack that their decision to appoint an administrator was taken after the business suffered financial difficulties arising from unsustainably high overheads, some unfavourable store leases, and other residual legacy issues, and we are conducting our own analysis to determine the extent of these issues," he said.
"We understand that both brands are well regarded and dominate their premium segments in the Australian market so finding a buyer for the ongoing business is the highest priority for us."
Mr Secatore, Daniel Juratowitch, and Luke Targett from Cor Cordis were appointed voluntary administrators of Herringbone and Rhodes & Beckett late on Monday.
The first creditors meeting will be February 14 in Melbourne.