Crumpler Files for Voluntary Administration

The investment firm that owns the retailer, Crescent Capital Partners, has enlisted Jason Stone and Glenn Franklin from PKF Melbourne to handle the administration process.

The retailer has undergone a series of changes in the last 18 months, from acquiring the collapsing Tigerlily in 2020 to the departure of its CEO Adam Wilkinson in August 2021. Wilkinson is now the CEO of The PAS Group.

Crescent Capital Partners acquired Tigerlily in July 2020. This came after the swimwear retailer collapsed in March that same year. Tigerlily cited COVID-19 as the ‘core reason’ for its voluntary administration at the time of the collapse.

A few months after its collapse, Crumpler acquired the company for an undisclosed amount and explained it would be sharing IT systems, head offices and warehousing. However, its brand identities and business would remain separate.

Shortly after celebrating its 25th anniversary, the bag retailer is now collapsing. According to the administrators, the pandemic is the fundamental reason for the collapse. “The main contributors towards the cash flow situation are COVID-19-related closures of Melbourne and Sydney stores as well as a general downturn in the travel industry resulting in reduced demand for travel and business accessories,” said a spokesperson for PKF.

There is an urgent call for interested buyers of the business. It’s unknown what return there will be for creditors at this stage. Currently, the retailer operates 26 stores and has 11 stockist partners across the country.

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