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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.
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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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Administrator 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.