Iconic Aussie swimwear brand, Seafolly, has entered voluntary administration, citing the COVID-19 pandemic as the major reason for the collapse.
Scott Langdon and Rahul Goyal from KordaMentha Restructuring have been appointed as administrators.
The administrators have pinpointed the pandemic as the critical reason for the collapse.
All gift cards and loyalty points will be honoured and encouraged, the administrators explained.
“All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores,” said Langdon.
“We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points.”
L Catterton, a company back by Louis Vuitton Moet Hennessy (LVMH) acquired a controlling stake in 2014.
“Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” Langdon continued.
KordaMentha will be immediately starting the process of selling the business, and any interested parties should contact the KordaMentha Sydney office.
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