Australian fashion retailer Bardot has announced that it has gone into voluntary administration.
The brand, employing up to 800 people at its stores across the country, made the announcement last Thursday evening, with KPMG administrators brought in.
Restructuring Services Partner Brendan Richards said that their stores will continue trading on a business-as-usual basis, meanwhile, an assessment of the business is undertaken.
Richards said in a press release, “We are at the very early start of the process, so a lot of questions are yet to be answered.”
“Bardot is an iconic Australian women fashion brand with a rich history of more than 20 years of growth.
“In the last recent 5 years, the business has significantly grown offshore and capitalized on its Australian heritage by distributing through high-end international department stores.”
Richards also added that the retailer has experienced a growth in abroad markets, but a downturn in the domestic environment.
“We expect strong interest in the sale and recapitalization process,” Richards added.
CEO of Bardot Basil Artemides put it down to Australia’s retail market.
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“In spite of double-digit growth in online sales, and our successful expansion into Europe and the US, Bardot’s retail stores in Australia are competing in a cluttered, and increasingly discount-driven market,” Artemides said.
“Operating a national retail network in its state is no longer sustainable.”
“We acknowledge the potential impact that these changes might have on our team members as well as remain committed to open and timely communication with our stakeholders when KPMG undertakes its assessment.”
Gift cards and credit notes will also be honored.
Established in 1996, Bardot now has 72 stores nation-wide, with a head office in Melbourne.