Jeanswest, the Hong Kong-based apparel clothing label, has been having a tough time in Australia owing to difficult trading conditions.
This has now forced the fashion brand enter voluntary administration. Peter Gothard and James Stewart from KPMG are the voluntary administrators who will analyse and help restructure firm’s financial affairs.
Speaking on the brand’s situation, James said “The business, as in the case of other retailers, has been challenged by current tough market conditions and pressure from online competition. Going into voluntary administration will help Jeanswest restructure so as to better respond to the challenging Australian retail market.”
Adding to what James said, Peter mentioned that business will continue to operate while the administrators will conduct an urgent analysis.
He also said that the administrators will explore all possibilities for restructuring or selling the Australian business, and are also seeking immediate expressions of interest from all those interested in buying or investing in firm’s business.