The death of the Australian high street seems to be edging ever closer, as it was confirmed that yet another Australian retailer had entered voluntary administration on Tuesday.
Accessories chain Colette by Colette Hayman collapsed on January 31, according to multiple reports, in turn putting 140 stores and 300 jobs at risk across Australia and New Zealand.
The brand, which founded by ‘Queen of Handbags’ Colette Hayman in 2010, was said to have fallen victim to the “current weak retail environment”.
Its future has now been placed in the hands of Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy who have been appointed administrators over the CBCH Group.
“Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others,” they said in a statement on Tuesday, reports 7News.
“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 news comes just weeks after iconic clothing brand Jeanswest entered into voluntary administration, with KPMG being named as voluntary administrators of the chain’s Australian operations.
Having opened its first store in Perth in 1972, Jeanswest went on to boast 146 stores across the country, employing a total of 988 members of staff, however these stores and jobs were put at risk when the company went under.
However, following the announcement, it was later revealed that the brand was in debt to creditors to the tune of $50 million.
Other brands to have met a similar fate in recent years include department store giant Harris Scarfe, which collapsed at the end of last year, as well as Roger David, Ed Harry, Napoleon Perdis and Laura Ashley. Topshop, Marcs and David Lawrence are also among those who are now out of business or struggling in the Australian market.