Australian fast-fashion retailer, Bardot, is entering voluntary administration due to a ‘highly cluttered’ and ‘increasingly discount-driven market’.
The retailer began in 1996 with aims to dress women who wish to ‘stay ahead of the fashion curve’. Currently, Bardot has 72 brick-and-mortar stores and employs over 800 staff.
“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,” explained Basil Artemides, the CEO of Bardot.
“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.”
While the VA takes place with KPMG, the operations of the store will continue as normal, said the service restructuring partner, Brendan Richards. “We are at the very start of the process, so many questions are yet to be answered,” he said.
“However, I can confirm that Bardot store trading will continue on a business-as-usual basis while we undertake an immediate assessment of the business.” Gift cards and credit notes will continue to be honoured during this process.
Mr Richards maintains that the assessment aims to preserve the brand’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,” he said. Bardot will hold its first meeting with creditors on December 10th, 2019.
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