Melbourne-based fashion retailer Nobody Denim has recently faced closure, adding to the challenges in Australia’s retail sector.
The company, which supplied its products to major operators like The Iconic and David Jones across Australia and New Zealand, succumbed to financial pressures and went into voluntary liquidation.
With a 23-year history, the brand, founded by John Condilis in 1999, generated US $ 5.6 million in revenue last year, serving a customer base of 60,000.
On 10th October, Shane Deane and Nicholas Giasoumi from insolvency firm Dye and Co were appointed as liquidators, marking the company’s formal step into the process of liquidation.
Nobody Denim’s financial woes have translated into a substantial debt of US $ 3.6 million, with a significant portion, US $ 2.64 million, owed to its manufacturer, Denim 108, as per reports.
Queensland-based Outland Denim has acquired Nobody Denim and retained five employees, ensuring the continuation of the business under new ownership.
