Thousands of jobs are on the line after Australian womenswear brand Bardot announced it has gone into voluntary administration.
With over 800 employees and 72 stores across the country, the primary factor behind their decision is a “challenging domestic market”.
“Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market,” CEO Basil Artemides said in a statement.
“We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment.”
Brendan Richards and Ryan Eagle, from law firm KPMG, have been appointed voluntary administrators to restructure the company.
Mr Richards claimed that trading will continue as usual while the administrators work to assess the business.
Bardot has been operating since 1996, and Mr Richards said that they will attempt to preserve Bardot’s “rich history of over 20 years of growth”.
“In the past five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high profile international department stores,” Mr Richards said.
“Although, the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times.”