Australian retailer, Jeanswest, is filing for voluntary administration. Jeanswest Corporation filed the notice on 15th January and has appointed KPMG as administrators.
Peter Gothard and James Stewart have appointed as administrators of the retailer, which currently has 146 stores and more than 900 employees across the country.
“Jeanswest will continue to operate while the administrators conduct an urgent analysis of the business,” explained Gothard of the notice. “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.”
Jeanswest was founded in 1972 in Perth and went on to open more than 200 stores throughout the country, known for its denim and casual attire. Glorious Sun, a Hong Kong company, acquired Jeanswest in 1994. It then expanded to the Middle East, Russia, Mauritius, and Peru, under the name Jeanswest Australia. The company has ranked #32 on the Retailer Performance Rankings, providing strong growth of online sales.
The first meeting of the creditors will take place in Melbourne on 24th January 2020 at 11:00 am. More to come.
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