Thursday , August 5 2021

Files Australian company sport for bankruptcy

Another brand of iconic Australian fashion has become a victim of the retail sector with poor retail, a clothing manufacturer Skins sport on the brink of collapse.

The company applied for bankruptcy in & # 39; Swiss court, clearly chairman Jaimie Fuller confirmed the news and demonstrate its destruction in a long public statement.

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"Trust will be appointed to assume responsibility for the company b & # 39; almost immediate effect," Mr Fuller wrote on the website of the company last week.

"My management team and I left no stone f & # 39; attempt to avoid it. I apologize unreservedly to all those affected by it myself.

"I am very disappointed and regrets it today. Even late yesterday, figured there was an option to avoid this action but events ikkonspiraw rewind and left us with no choice. "

Mr Fuller explained that the brand change ownership but not "disappear", and that customers Skins still be able to buy products.

The company was founded in 1996 by fan & # 39; ski Brad Duffy, but it was purchased by Mr. Fuller in 2002.

He said, while there were "many contributing factors and mistakes they've done along the way", one of the biggest catalysts was the GFC.

"What led us to this point really started 11 years ago. When the global financial crisis (GFC) hit in 2008, sold part of the skins to a private equity firm. I also did a lousy deal, "he said.

"When the GFC ended, I issue an arrangement of & # 39; private equity. To do so, we borrowed a lot, and with the help of & # 39; Japanese partner succeeded purchased shareholders & # 39; private equity.

"For my enormous regret, those loans became untenable and while we have been working for some time now to try to avoid what is happening today, in the end there was no choice."

It follows the announcement last week that the retailer of apparel mens of Aussie Ed Harry moved to voluntary administration.

In short, the business based on the Australia & # 39; South will immediately begin selling & # 39; existing merchandise to maximize the options business.

Administrator KPMG said that the gifts cards Ed Harry will be honored for a month on a & # 39; dollars for just a dollar.

But only two of dozens of & # 39; Australian retailers recently caught logs.

The brand of women's clothing & # 39; large size Maggie T became the first Australian vendor & # 39; profile which entered administration in 2018 after it announced that it will close in early & # 39; January.

Not long after, the Australian label of the footwear, clothing and & # 39; accessories Diana Ferrari unveiled "at least four" of the 17 shop selling its retail will rbrandjati the remainder are to be closed, and six stores & # 39; free space remain open.

In the same month, the company's gear outdoor adventure Mountain Designs took the "difficult decision" to close one in three stores in 2018.

Shops in & # 39; Joondalup, Wagga Wagga, Dubbo Toowong and closed on 7 & # 39; followed by branches in January & # 39; Cannington, Bendigo, Toowoomba and Wollongong 10 & # 39; January, with & # 39; in others & # 39; Pacific Fair, Ashmore, Bunbury, Moorabbin and Warringah also cease.

Next came Gap, who quietly left the Australian market early in February.

The fashion giant in the United States was brought in from Australia retailer of luxury goods Oroton – strictly avoid its own collapse late last year.

Soon after, the Avon cosmetics brand announced that it will depart from Australia and New Zealand "until the end of & # 39; 2018", leaving 220 company employees and more than 21 400 representative face uncertain future.

At the beginning of & # 39; May, the retailer of fashion Esprit revealed that it will close all 67 stores of Australia and & # 39; New Zealand making losses as the company listed in & # 39; Hong Kong changed its focus to more profitable regions.

Toy giant Toys "R" Us finally closed for good wealth in 5 & # 39; August having entered into & # 39; voluntary administration in & # 39; May.

F & # 39; July, managers revealed all stores Toys R Us and Babies R Us across the country would be shut down, approximately 700 jobs lost.

The announcement followed the failure of Toys 'R' Us in the United States in March.

Other big names that have been folded the last year include Shoes of Prey, Max Brenner, David Roger and Laura Ashley.

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