Colette by Colette Hayman will close a quarter of all stores within a few weeks, it was announced on Friday.
The popular handbag vendor was taken over earlier this month.
Administrators have now confirmed that 33 stores in Australia and New Zealand will close in the next three weeks.
Colette by Colette Hayman will close a quarter of all stores within a few weeks, it was announced on Friday
After administration, the popular handbag and accessory chain was handed over to Vaughan Strawbridge, Sam Marsden and Jason Tracy.
“Colette By Colette Hayman has unfortunately been affected by the current weak retail environment, just like many others,” Mr. Strawbridge said at the time.
“Our focus is on continuing to trade the company while we strive for a recapitalization of the Group or a sale of the company.”
Outskirts of Sydney, such as Warriewood, Hornsby Chatswood, Rhodes, Birkenhead and Kotara in Newcastle, are all expected to close within a few weeks.
Administrators confirmed that 105 stores were placed in the portfolio to be offered for sale.
Throughout Australia and New Zealand, 33 stores will close the popular handbag and accessory chain
Mr. Strawbridge said the affected employees would be deployed again.
“All employees involved are expected to receive all their wages and rights in full,” he said in a statement.
‘This is never easy and unfortunately we had to make the decision to close 33 stores. We work closely with Colette’s management team to bring about the closures quickly while we try to rearrange the employees involved.
Various stores will close in Queensland, including those in Noosa, Rockhampton, Mackay and Logan.
Colette was founded in 2010 by Colette Hayman and within a few years the company had around 180 stores in Australia, New Zealand, the UK and South Africa.
Mrs. Hayman, a South African mother of two, lives and works with her husband Mark on the northern beaches of Sydney.
Colette was founded in 2010 by Colette Hayman (pictured left with daughter Natasha Hayman) and within a few years the company had approximately 180 stores in Australia, New Zealand, the United Kingdom and South Africa
Colette from Collette Hayman had annual sales of more than $ 140 million and sold more than three million handbags per year, according to the Sydney Morning Herald.
The brand quickly became a budget store for handbags and accessories, known for its affordable handbags, clutches, jewelry and accessories.
It was widely popular with teenagers and young women, with the brand wearing a photo of the Australian DJ Tigerlily with jewelry last week.
The brand has become the last victim of retail apocalypse, with dozens of retailers collapsing.
Dropping like flying: some recent Australian victims
2016: Dick Smith, Masters hardware, Payless Shoes
2017: Topshop Australia
2018: Avon, Espirit, Toys ‘R’ Us, Max Brenner, Roger David
2019: Ed Harry, Diana Ferrari, Napoleon Perdis, Ziera, Bardot, Harris Scarfe
2020: EB Games, Colette by Colette Hayman
Harris Scarfe, Bardot, Roger David, EB Games and Napoleon Perdis, all declined in the past year.
Experts have claimed that consumers are now turning to online shopping at brick and mortar stores.
Australian retail growth has been at the worst level since the recession in the early 1990s and international giants such as Amazon and Aldi are threatening to foster turmoil.
Harris Scarfe, founded in 1849, surprised the consumer when it came into administration in December and is now about to close at least 21 stores.
Days later, the country’s sixth largest wine company, McWilliam’s Wines, which has been in existence for 140 years, announced that it has appointed voluntary managers.
The popular video game chain EB Games announced the following, with the company announcing the closure of 19 stores in Australia.
Large fashion chain Bardot also announced plans to close 58 stores nationwide before March.
The Australian artist DJ Tigerlily wears jewelry from Colette