NATIONAL: A powerful business venture between streetwear supplier Bleach and Quicksilver Europe founder Harry Hodge was formed during the thick of Ksubi Group's financial woes, it has been revealed.
The joint venture came to head at a creditors’ meeting late last month, where the two parties offered to acquire all Ksubi Group assets for $5 million plus interest on the debt owed to secured creditor Westpac. Ksubi went into administration on January 11, owing $4.3 million to Westpac, $3.8 million to unsecured creditors and approximately $600,000 to priority creditors.
For more, pick up a copy of the February 12 edition of Ragtrader magazine.