Beloved Australian fashion brand Sass & Bide will close 10 stores across the country from October 6.
The brand has been at the forefront of women’s designer fashion for 25 years.
Affected stores include Bondi, Paddington, Miranda and Chadstone in New South Wales, Rundle Street in South Australia, Doncaster and Emporium in Victoria, Karrinyup in Western Australia and Newmarket in New Zealand.
Only a select few will remain open, including one in Victoria, one in WA and two in Queensland.
Sass & Bide CEO Paula Mackenzie confirmed the news on Wednesday.
“We will offer all available support and offer redeployment, where possible, for our store team members,” he said. Rag merchant.
‘These decisions were not taken lightly, but are necessary to ensure the business is repositioned for growth and is sustainable in the future.’
The brand will also reduce support positions in the office, although an exact number has not been revealed.
From 6 October, 10 Sass & Bide stores in Australia and New Zealand will close. The Australian brand’s managing director, Paula Mackenzie, confirmed the unexpected news.
The brand has been at the forefront of women’s designer fashion for 25 years (photo from 2013)
Daily Mail Australia has contacted Sass & Bide for comment.
Best friends Sarah-Jane Clarke and Heidi Middleton launched the brand in 1999. In September 2013, the two co-founders handed the business over to Myer, who bought it for $72.3 million.
At the time, Ms Middleton told Vogue Australia that it was a joint decision to leave the brand they built on a London market stall.
“It was an instinctive decision that we both felt and we have always based our most important business decisions on intuition,” he said.
Ms Clarke added: “We came together and we left together. It felt like the perfect cycle.”
Best friends Sarah-Jane Clarke and Heidi Middleton launched the brand in 1999. In September 2013, the two co-founders handed the business over to Myer, who bought it for $72.3 million.
The Australian franchise of fashion brand Dion Lee has also collapsed following the collapse of a major partnership deal (pop star Taylor Swift, centre, wore a Dion Lee crochet corset top at the Super Bowl in February).
This follows the shocking news that celebrity-loved brand Dion Lee owes $35 million to creditors after filing for liquidation.
The high-end line was a favourite of global superstars including Taylor Swift and Dua Lipa and went into voluntary administration in May after a partnership deal fell through.
On Thursday evening, creditors opted to liquidate the business after failing to receive any “acceptable” offers to buy the brand.
The stores will close at the end of September and beginning of October.
Antony Resnick, liquidator of the insolvent company dVT Group, has been appointed as administrator of the brand.
“The second creditors’ meeting heard that while there had been interest from potential buyers of the brand, no acceptable offer had yet been received,” the liquidators said in a statement to news.com.au.
According to The Australian, major clothing brand Cue Clothing Co. has ended its partnership agreement with Dion Lee and also cancelled its investment in the business.
Cue Clothing Co. became a partner with Dion Lee more than a decade ago and the company was also a shareholder in the business.