13 Big Retailers gone from Australia in last 12 months, Jeanswest is next 988 jobs at risk.
KPMG were appointed as voluntary administrators this afternoon, and will be conducting an “urgent analysis” of the business to see where costs could be saved.
KPMG partner Peter Gothard said his firm will explore all options to prevent stores from mass closure.
“Jeanswest will continue to operate while the Administrators conduct an urgent analysis of the business,” said Mr Gothard.
“The Administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business.”
James Stewart, head of retail restructuring at KPMG, said there were a number of factors that led to the iconic brand’s financial demise.
“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition,” said Mr Stewart.
“The Administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market.”
Jeanswest was first established in Perth in 1972.
Victoria was primarily the retailer’s strongest revenue source, where they operated 32 stores and employed 309 staff, across both retail locations and head office.
KPMG has informed creditors the first meeting to discuss the future of the company will be held on Tuesday, February 28.
Curious Planet: The science store, formerly known as Australian Geographic is set to close 63 stores.
Napoleon Perdis: Beauty retailer entered voluntary administration, with stores closing across the country.
Criniti’s Restaurant: Popular restaurant chain entered voluntary administration, with several of the 13 sites across the country set to close.
Bardot: Women’s fashion retailer will shut vast majority of its stores over the coming months. 530 jobs will be lost.
McWilliams Wines: Country’s sixth-largest wine company appointed voluntary administrators. Had been run by same family for more than 140 years.
EB Games: Video game retailer closing at least 19 stores in ‘unprofitable’ locations across the nation.
Red Rooster: Closed seven Queensland stores in October 2019, leaving 100 staff without jobs.
Ed Harry: Menswear retailer went into voluntary administration and closed all 87 outlets across the country.
Harris Scarfe: Australian department store placed into voluntary administration in mid-December.
Karen Millen: British fashion giant closing all Aussie stores, leaving 80 people without work.
Zanui: Popular furniture and homewares company entered voluntary administration.
Muscle Coach: Leading fitness company put into voluntary administration after company racked up debts of almost $1 million.
Dimmeys: Discount retailer closed its doors for good after 166 years of trading.