National clothing retailer Jeanswest has officially gone into voluntary administration, appointing KPMG as administrators.
Jeanswest is an iconic Australian retail brand which opened its first store in Perth Western Australia in 1972. The business employs 988 people in 146 stores across Australia. However, Jeanswest’s operations outside of Australia are not impacted by the Administration.
KPMG Partner, Peter Gothard said, “Jeanswest will continue to operate while the Administrators conduct an urgent analysis of the business.”
He added, “The Administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business.”
KPMG’s James Stewart has put the retailer’s collapse down to “current tough market condition and pressure from online competition”.
Number of Jeanswest stores in Australia:
ACT – 1 store, 7 staff
QLD – 28 stores, 181 staff
NSW – 40 stores, 245 staff
NT – 1 store, 4 staff
SA – 14 stores, 82 staff
VIC – 32 stores, 309 staff
WA – 23 stores, 120 staff
Total – 146 stores, 988 staff.