Jeanswest administration: Australian retailer closes stores

The Australian Jeanswest Australian Foreign Property label is closing all its shops, with a maximum of 600 jobs on the line.

Harbour Guidance, who saved Jeanswest in 2020, appointed the administrators of Pitcher Partners, citing a trading challenge in the midst of a cost of living cost as a reason to close 90 stores.

The retailer aims to continue to operate as a online store, with Pitcher Partners’ Lindsay Bainbridge that says that all the shops of the shop will be eliminated through online sales.

“We will open the doors of all the stores and sell online to cancel all the actions to guarantee a return to creditors,” he said.

Jeanswest is the last clothing dealer who gets in trouble while buyers tighten the belts, joining Mosaic – owner of Millers, Rivers and Noni B Brands – in calling the administrators.

The collapse of Mosaic led to the closure of almost 700 stores and the loss of 2800 jobs. The company has due to its creditors more than $ 318 million.

The closest competitors of Jeanswest on the market are only jeans and Jay Jays, owned by Myer.

The average level clothing brands were particularly vulnerable to the changing consumer habits, with buyers who have resisted non -essential purchases and have increasingly opted to buy online articles from retailers such as Shein.

According to the latest e-commerce report of Australia Post, the Australians have spent A record of $ 69 billion In last year’s online shopping, a 12 % increase compared to the previous year, largely led by online platforms such as Amazon, Shein and Temu.