G-Star Australia will close all stores and 200 staff will be let go after no buyer was found for the business.

The denim brand collapsed into administration in May, leaving its 57 Australian stores in limbo.

However Ernst & Young’s Justin Walsh, Stewart McCallum and Sam Freeman announced on Monday that no buyer had been found, despite an “extensive marketing program”.

“G-Star RAW is a globally recognised brand. The fact that no party was able to buy the business reflects the high level of uncertainty regarding the future prospects for the retail sector in Australia,” the administrators said in a statement.

While G-Star stores will not exist in Australia, the Dutch-owned company will continue trading overseas.

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