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Colette collapse to see 33 stores close, 10 in Queensland

Business

Administrators for the collapsed Colette by Colette Hayman chain will shut 33 stores in Australia and New Zealand, including 10 in Queensland.

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The company was placed in administration in January and Voluntary Administrators Vaughan Strawbridge, Sam Marsden and Jason Tracy from Deloitte said 105 stores would remain in the portfolio and be offered for sale.

The Administrators said they had continued to trade the business since their appointment and had seen a good response from customers and staff who are supporting the brand, demonstrating the value of the business.

Mr Strawbridge said as part of their appointment they reviewed the Colette store network, taking into consideration a number of factors before making the decision to close stores.

“This is never easy and we have regrettably had to make the decision to close 33 stores. We are working closely with the Colette management team to effect the closures quickly while seeking to redeploy staff impacted,” he said.

“Closing the 33 loss-making stores will position us with improved group performance and time to find a recapitalisation or sale of business solution for the business.”

He said the Administrators key focus was on the sale of the business with initial expressions of interest due early next week, a process they said had gained strong interest.

The Queensland stores to close are Mackay, Queen Street, Kawana, Logan, Australia Fair, Mount Ommaney, DFO Cairns, Rockhampton, Noosa and Coomera.

The chain had employed about 300 people and had sales of $140 million.

Strawbridge said all efforts were being made to redeploy staff affected by the closures. He said all impacted staff were expected to receive all wages and entitlements.

 

 

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