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Swimwear brand Tigerlily has reportedly entered voluntary administration as the coronavirus (Covid-19) outbreak affects sales.
The retailer runs 30 stores in Australia with around 200 employees. It is one of the latest retailers in the country to collapse, according to media reports.
The decision was confirmed by restructuring agents Scott Langdon and Jenny Nettleton from KordaMentha.
Langdon blamed the outbreak as the chief reason for the retailer’s decision.
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By GlobalDataAdministrator Scott Langdon was quoted by news.com.au as saying: “It reduced the number of people coming through shopping centres, which reduced sales in an already challenging environment.
“A sale of business process will commence immediately, and we expect a high level of interest in the business given the strong brand and its reputation.”
During the process, the retailer will continue to trade on a limited basis. It is not clear how many stores will close.
Wholly owned by private equity company Crescent Capital Partners, the company was acquired for $60m in 2017.
In a separate development, jewellery chain Michael Hill is closing its Australian stores indefinitely.
In a statement to New Zealand and Australian stock exchanges, Michael Hill International said the Federal Government’s social-distancing rules are affecting its performance.
With 1,600 employees in Australia, the retailer said the announcement will impact 1,300 workers.
Online business will continue operations.
The jeweller has a total of 304 stores across Australia, New Zealand and Canada.
Total confirmed cases of the Covid-19 have reached 351,377 globally while the death toll from the outbreak has reached 15,340.
