Australian beauty retailer Napoleon Perdis Group has entered voluntary administration.
Napoleon Perdis Group’s directors have appointed Simon Cathro, Chris Cook and Ivan Glavas from Worrells Solvency Accountants as voluntary administrators.
Based in Sydney, the beauty store chain operates 56 stores across the country and has an international presence. It operates an online store to serve global customers.
With the help of Napoleon Perdis’ team, the administrator is currently planning to find buyers and investors for a potential sale of the business.
Worrells noted that all stores will continue to trade as usual, while it will undertake daily assessments of the stores throughout the administration process.
The administration firm has also determined that Napoleon Perdis’s financial position is a “critical and complex process” based on a review of the retailer’s extensive business structure, distribution network, stockist agreements and personnel.
In a statement, Napoleon Perdis said: “The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe it puts it in a prime position to continue to evolve through continued trade or in a sale.
“My family and I are 100% committed to achieving the best outcome for all stakeholders. We are fortunate that, throughout our business, we have staff and teams who have not only underpinned the business success but who are our extended family.
“Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on. As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand.”
The group has signed an exclusive agreement with Australian beauty destination Priceline to support its business during the administration process.