Popular women’s fashion brand Bardot has gone bust, announcing that they’ve gone into voluntary administration.
The retailer, which has over 70 stores across Australia and employs about 800 people, has blamed a “challenging” market and increasing competition across the country for the collapse.
“Despite doubt-digit growth in online sale, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market,” said CEO Basil Artemides in a statement.
“Operating a national retail network in it’s current state is no longer sustainable.”
Law firm KPGM has been appointed to handle the restructure of the company, but customers have been assured that Bardot stores will continue to operate “business as usual” for now.
“We are at the very start of the process, so many questions are yet to be answered,” said restricting services partner Brendan Richards.
“However, I can confirm that Bardot store trading will continue on a business-as-usual basis while we undertake an immediate assessment of the business.
“Both gift cards and credit notes will also be honoured,” he added.
Bardot has been operating since 1996, and Mr Richards said that they will attempt to preserve Bardot’s “rich history of over 20 years of growth”.
“In the past five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high profile international department stores,” Mr Richards said.
“Although, the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times. We expect strong interest in the sale (and_ recapitalisation process.”
“We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment.”