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Ed Hardy Operations calls in voluntary administrators
| Posted: 07.09.2010 01:46 | |
by: paul smith | |
Readed: 280 |
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CELEBRITY cult fashion label Ed Hardy Operations has gone into voluntary administration, just weeks after it suddenly shut down its six Westfield stores.
The company appointed Deloitte partners Simon Wallace-Smith and Tim Norman as voluntary administrators of Ed Hardy Operations and Ed Hardy on Monday.
"The appointment only relates to Ed Hardy’s operations in Australia and not the Ed Hardy group internationally," Deloitte said.
Mr Wallace-Smith said the brand was hurt by slowing sales and competition from other retailers.
“The aim of the voluntary administrators will be to evaluate the financial position of the companies and to investigate options to restructure the business,” Mr Wallace-Smith said.
The administrators will continue to operate six stores and shut down the remaining four stores.
The stores to remain open include three Victorian stores (Myer Melbourne, Myer Highpont and Chapel Street), a New South Wales outlet (Myer Sydney), a Queensland outlet (Gold Coast) and a Western Australian outlet (Myer Perth).
Two stores in Queensland (Pacific Fair and Brisbane), a NSW store (Paddington) and a South Australian outlet (Adelaide city) will be closed.
Customers will not be able to redeem vouchers or pick up stock that has been paid for until Deloitte has determined the financial situation of the company.
"Ed Hardy’s employees have been notified of the appointment by the voluntary administrators," Deloitte said.
"They are classified as creditors of the company. The voluntary administrators will be updating employees on the plans for administration and any restructure on a regular basis."
The retailer was forced to suddenly shut all six of its Westfield stores on June 29 after falling behind on rental payments.
At the time, the company still had 10 other stores around the country and about 100 wholesale accounts.
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