It has been revealed that the Australian jewellery and accessories retailer Colette by Colette Hayman was placed into voluntary administration late last month.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy have been appointed administrators over the CBCH Group which trades under the Colette name.
In a statement issued by the partners on Tuesday, Strawbridge said Australia’s weak retail climate largely contributed to the brand’s failure.
‘Weak retail environment’
“Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others,” Strawbridge said.
“Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business.
“Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible.”
The administrators will continue to trade across its 140 stores in Australia and New Zealand, including 37 stores in New South Wales, 33 in Victoria and 30 in Queensland.
Stores will continue to honour gift cards.
The business employs over 300 permanent staff, plus casuals with annual gross sales of over $140 million.
Administrators are confident there are sufficient assets to meet employee entitlements.
This story first appeared on 7NEWS.com.au