Jeanswest administrators have confirmed 37 store closures and 263 staff redundancies will be on the cards.
KPMG voluntary administrators Peter Gothard and James Stewart confirmed today they had commenced the restructure of the Jeanswest business as the sale of business campaign for the Australian operations of clothing retailer, Jeanswest Corporation Pty Ltd (“Jeanswest”) progresses.
Gothard and Stewart advised that as part of the restructure, 37 stores would be closed and 263 employees would be made redundant.
Stewart said the decision to restructure the business was a difficult but necessary one taken in order to provide the business with the best possible chance of attracting a new owner.
“The decision to proactively restructure the business early in the administration process has not been taken lightly.
“We are very mindful of the serious impact store closures and staff redundancies have on people’s lives. However, we must also work to maximize the opportunity for this business to be sold or restructured - to give it the best chance to continue.”
Stewart said that, where possible, the administrators would look to redeploy team members. Support is also to be provided through Jeanswest’s Employee Assistance Program to those employees impacted by the store closures.
Gothard and Stewart thanked Jeanswest staff and other key stakeholders for their considerable efforts since the Administration was announced last week - and for their support and patience during this process.