The administrators of Rhodes & Beckett, Cor Cordis, have announced the ailing retailer has been sold by means of a management buy out.
The purchaser, Black Bear Holdings, is led by current brand director Michel Boutin and supported by Hong Kong-based private equity firm AO Capital.
Negotiations are still underway between the landlords of the 15 remaining Rhodes & Beckett and Herringbone stores, which will ultimately determine the new business’ store footprint. However, it has been confirmed that both brands will survive.
Rhodes & Beckett will undergo a relaunch later this year, with the brand set to redevelop its premium brand both in Australia and internationally.
Since the appointment of Cor Cordis as Administrators in February 2017, Herringbone and Rhodes & Beckett stores have continued to trade while discussions progressed.
Cor Cordis partner Luke Targett attributed the sale to the work of Gordon Brothers who were appointed to complete an inventory clearance program.
“The Rhodes & Beckett and Herringbone brands will survive and jobs have been saved. We feel that our previously announced two stage strategy has paid off.
"We appointed Gordon Brothers to complete an inventory clearance program, which then enabled us to successfully negotiate with interested parties to purchase the business with a fresh start and a new product range and offering.
“I would like to thank the staff for their unwavering support and dedication over the last 6 months.
"It is satisfying that unlike so many recent retail collapses, we have been able to restructure the business to ensure that the brand, stores and business will survive albeit in a leaner and more focused incarnation."
Prior to the sale, eight Rhodes & Beckett concession outlets in Myer were recently closed coinciding with the expiration of the Myer occupancy agreement.
The staff at the concessions have been redeployed to other stores where possible.