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BREAKING: Ex-Myer Execs Save Aussie Retailer from Collapse
Two ex-Myer executives have rescued the Aussie jewellery and accessory retailer, Colette by Colette Hayman, from collapse.
Jewellery and accessory retailer, Colette by Colette Hayman has been rescued from voluntary administration.
Deloitte Restructuring Services partners, Vaughan Strawbridge, Sam Marsden and Jason Tracy, were appointed to the Aussie retailer in early 2020.
The successful recapitalisation of the retailer has been sold to a group of investors, headed by Bernie Brookes and John Skellern, the former Myer and Edcon CEO, and former Myer and Woolworths executive, respectively.
“We are very pleased to have secured the future of this business and jobs for close to 300 employees, including nearly 100 permanent roles,” said Sam Marsden, an administrator from Deloitte Restructuring Services.
“The sale of the business to a group of experienced retail investors represents a significant achievement in the current environment and reflects the strength of the brand and the commitment of the group’s employees to its future.
“It follows a robust due diligence process, undertaken in the midst of the market uncertainty brought on by COVID-19, which saw several parties submit offers.
“The new owners bring with them a significant track record in Australian and international retail and are well-positioned to reinvigorate the brand across a streamlined 35-store network across Victoria, New South Wales, South Australia, Queensland and Western Australia, and a strong online platform.
“It been a turbulent journey through the heart of COVID-19, but we have witnessed great resilience and tenacity in the Colette management team and employee base, which will be a great asset to the new owner and a new chapter for Colette by Colette Hayman,” he concluded.
Colette by Colette Hayman entered voluntary administration in February 2020.