Australian fashion label Bardot has entered voluntary administration, calling in administrators from KPMG Australia.
The business, which began operation in 1966, employs approximately 600 people and operates 72 stores across Australia. It also operates sister retailer Bardot Junior which was launched in 2004.
Bardot operates on a fast-fashion business model, stating on its website: "The key to Bardot’s success is getting the latest look of the moment on the shop floor first.
"Bardot has become the destination for women who wear fashion, with a bit of attitude that is always on the money."
However, the current state of the retail market has led to the decision to call in administrators, Bardot CEO Basil Artemides said.
"Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market.
"Operating a national retail network in its current state is no longer sustainable.
"We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment," he said.
In a statement, KPMG said it would continue to operate the business as usual while it assesses future opportunities for Bardot.
"On Thursday, 28 November 2019, Ryan Eagle and Brendan Richards of KPMG were appointed as Joint and Several Administrators of Bardot Pty Ltd.
"The administrators are continuing to trade the business as usual while turnaround and recapitalisation opportunities are assessed."
Richards added that the administrators expect keen interest in the sale of the business.
"Bardot is an iconic Australian womenswear brand with a rich history of over 20 years of growth.
"In the last five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high-profile international department stores.
"Although the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times. We expect strong interest in the sale (and) recapitalisation process," he said.
Gift cards and credit notes will continue to be honoured.