Jeanswest has appointed voluntary administrators from KPMG.
Jeanswest is an iconic Australian retail brand which opened its first store in Perth Western Australia in 1972.
The business employs 988 people in 146 stores across Australia.
Jeanswest is best known for its quality denim, wardrobe staples and maternity wear. Jeanswest’s operations outside of Australia are not impacted by the administration.
KPMG Partner Peter Gothard confirmed the appointment.
“Jeanswest will continue to operate while the administrators conduct an urgent analysis of the business.
“The administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business.”
KPMG retail restructuring practice leader James Stewart said the brand has experienced recent challenges.
“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition.
"The administration provides an opportunity for Jeanswest to restructure so as to better respond to the challenging Australian retail market.”
Parties interested in acquiring or recapitalising the business are encouraged to make early contact with John Marsden at KPMG at jeanswest@KPMG.com.au. A formal EOI campaign will commence shortly.
The first meeting of creditors of the Company will be held in Melbourne on Tuesday, 28 January 2020 at 11.00am.
Please refer to the following websites for updates during the Administration.