Denim titan G-Star Raw Australia has been unable to find a buyer after entering voluntary administration in May.
Ernst & Young handled the administration, however they made the announcement yesterday, with the retail sector struggling in Australia even before COVID-19 began.
EY made a statement with Nine News saying “G-Star Raw is a globally recognised brand. The fact that no party was able to buy the business reflects the high level on uncertainty regarding the future prospects for the retail sector in Australia.”
Huge brands like Colette, Seafolly and Tigerlily have also announced voluntary administration this year.
With 57 G-Star stores closing across the nation, 200 staff members will be losing their jobs and they will be getting rid of all their stock.
If you head to their website, they’ve got some crazy deals going on, but I do feel a little bit like a vulture.