Clothing retailer Jeanswest has entered voluntary administration, due to the difficult trading conditions facing the clothing retail market in Australia.
KPMG’s Peter Gothard and James Stewart have been appointed voluntary administrators for the 48-year-old business, which employs 988 people and operates 146 stores across Australia.
Gothard said the business will continue to operate while the administrators conduct an “urgent” analysis of the business, and that this process only affects Jeanswest’s Australian operations. Jeanswest operates 14 stores across New Zealand.
“The administrators will be looking at all options for the restructure or sale of this established Australian retail business, and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business,” Gothard said.
The first meeting of creditors is scheduled to take place in Melbourne on January 28.
“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition,” Stewart said.
“The administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market.”
This is an edited version of a story that first appeared on Inside Retail Australia.