The first creditor's meeting of the Crumpler administration took place this morning, PKF administrators have revealed to Ragtrader.
After COVID lockdowns and the downturn in the travel industry took a hit to Crumpler's cash flow, the business appointed Jason Stone and Glenn Franklin of PKF Melbourne as administrators on August 31.
The administrators are seeking urgent expressions of interest (EOI) for the sale of the business, with the deadline for EOIs set for 20 September 2021.
"The administrators are hopeful that a sale will occur on a going concern basis," a spokesperson for the administrators said.
"Once a contract of sale is executed and price determined, the administrators will determine the likely return to the unsecured creditors."
Crumpler has 11 active stores, the majority of which are closed due to COVID lockdowns.
However, three are still operating a click and collect service.
Crumpler also operates out of a warehouse which fulfils online and corporate orders and has a head office based on Russell Street, Melbourne.
The business is also the 100% shareholder of Singaporean and Malaysian entities which operate additional retail and online stores, which are continuing to trade.
The second creditor's meeting is expected to take place in early October.