NATIONAL: The company behind denim specialist label ksubi has entered into voluntary administration, its founders stating it is the “only way” to ensure the future of the brand.
The co-founders of the Australian brand, Dan Single and George Gorrow, said in a statement the move comes after “significant attempts” to address ksubi's financial difficulties. Recent efforts include “licensing the manufacturing and distribution of the brand to a culturally aligned, Australian-based company with overseas production experience and networks.”
“However, despite best efforts it has not been possible to formalise a new restructure leading to the appointment of an administrator,” the statement said.
Paul Billingham and Said Jahani of Grant Thornton Australia have been appointed voluntary administrators of the Tsubi Pty Ltd group of companies.
“Our job is to try and preserve the inherent value of the business", Billingham said.
"For the time being, all ksubi’s stores will remain open.”
Due to celebrate its ten year anniversary in 2010, ksubi currently operates four retail stores across Sydney, Melbourne and New York. In an interview with Ragtrader in late 2009, ksubi owners indicated the brand had expansionary plans for 2010. The brand was hoping to open additional ksubi retail stores both within Australia and internationally, and was also scheduled to launch a footwear line in February 2010.
ksubi is currently stocked in 200 stores worldwide including Australian retailers General Pants, Incu and David Jones.