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Australian-founded, Hong Kong-owned denim label Jeanswest is the most recent retailer to enter voluntary administration, with the way forward for its 146 shops unsure.
Key factors:
- Jeanswest opened its first retailer in Perth in 1972 and is now owned by a personal Hong Kong agency
- Solely the Jeanswest operations in Australia are affected, with shops abroad operated by a listed Hong Kong firm
- 988 Jeanswest employees face an unsure future as directors contemplate a restructure or sale of its 146 shops
The corporate employs 988 employees in shops throughout all states and territories — together with 40 shops in New South Wales, 32 shops in Victoria and 28 in Queensland.
Directors from KPMG have been appointed and say Jeanswest will proceed to function as they contemplate “all choices for the restructure or sale” of the enterprise.
“Like many different retailers, the enterprise has been challenged by present powerful market circumstances and strain from on-line competitors,” stated James Stewart from KPMG.
Jeanswest opened its first retailer in Perth in 1972 and expanded to the east coast throughout the 1980s, earlier than being purchased by Hong Kong agency Superb Solar in 1994.
The Jeanswest model expanded abroad, into international locations together with China, Hong Kong, Vietnam, Russia and Indonesia.
In 2017, the publicly-listed Superb Solar bought the Australian operations to a personal firm known as Howsea Restricted, run by its chairman Charles Yeung and vice-chairman Yeung Chun Fan.
The administration solely impacts the Australian enterprise.
This newest retail collapse follows Bardot’s announcement that 530 workers will lose their jobs as it shuts 58 stores over the subsequent two months, whereas Harris Scarfe will shut 21 shops and reduce 440 jobs.
Subjects:
business-economics-and-finance,
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