Coast jobs in jeopardy with fashion chain on the brink
PROMINENT handbag retailer Colette by Colette Hayman has gone into voluntary administration placing the immediate future of Gold Coast-based retail workers in jeopardy.
Promoted as the "Queen of Handbags" Colette by Colette Hayman was placed in voluntary administration just five days ago.
Founded in Australia in 2010, Colette by Colette Hayman operates across 140 stores in Australia and in New Zealand.
The fashion accessory chain has six stores on the Gold Coast at Harbourtown, Westfield Helensvale, Australia Fair, Pacific Fair, Robina Town Centre and Westfield Coomera.
It's promoted as a destination for bags, jewellery and accessories and employs more than 300 permanent staff nationwide, plus casuals, with annual gross sales of over $140 million.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy were appointed voluntary administrators.
Mr Strawbridge said the chain had been impacted by the current weak retail environment.
"Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business," Mr Strawbridge said.
"Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible."
Mr Strawbridge said employees will continue to be paid while the stores are trading.
He said he was also confident that there were sufficient assets to meet all employees entitlements and also guaranteed that stores would continue to honour gift cards.
The first meeting of creditors will be held on February 12.