Aussie Fashion Giant Jeanswest has announced that a maximum of 90 stores will close and will be settled up to 600 jobs after the parent company collapsed.
Harbor Guidance has appointed managers at Werperpartners Melbourne to restructure the company.
Jeanswest was previously placed in administration in 2020, but managers said that economic conditions had only become more difficult since then.
It remains unknown whether the online store of the brand will remain open.
“The owners have done everything they can to maintain Jeanswest, but market conditions mean that maintaining bricks and-mortar stores is not viable and will probably not improve,” said manager Lindsay Bainbridge.
'They deeply regret the impact of store closures on their team members and their customers, and we will now collaborate with teams throughout the country.
“This is a tough day for hundreds of Jeanswest team members and we will work directly with the team members to provide clarity and information about the following steps,” he said.
The stores will now lower the prices for all shares in an attempt to partially repay their creditors.
“We will open and sell the doors of all stores to erase all the shares to guarantee a return to creditors,” said Mr Bainbridge.
Jeanswest had been active in Australia for more than 50 years, after opening his first store in Perth in 1972.
In 2017, the owner of Jeanswest claimed that Australians came out their money for 'lifestyle spending' on travel and televisions, instead of buying new clothing.
He said this led to 'lethargic' and 'louse' store habits.
More come.
