Australian women’s fashion brand Bardot has reportedly entered into voluntary administration.
Bardot was established in 1996 and currently operates 72 stores and 800 employees across the continent.
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Bardot chief executive Basil Artemides told The Sydney Morning Herald: “Despite double-digit growth in online sales, 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.
“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.”
Bardot has appointed consulting firm KPMG Australia as its administrator to guide the company-wide restructuring process.
The company’s creditors will meet in Melbourne on 10 December.
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By GlobalDataKPMG restructuring services partner Brendan Richards noted that possible “re-deployment opportunities” will be identified following the restructuring process.
Richards told The Sydney Morning Herald: “Bardot is an iconic Australian womenswear brand with a rich history of over 20 years of growth.
“In the last five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high-profile international department stores.
Fashion stores, such as Karen Millen, Ed Harry and Roger David, footwear retailer Shoes of Prey and Napoleon Perdis Cosmetics have all entered administration during the past year.
