Rumours first began circulating about the perilous financial state of the Sydney-based group, owned by John Mutton and Matt Jensen, several weeks ago when the brand made a series of redundancies.
However things appeared to come to a head when Martin Green of BRI Ferrier was appointed administrator of Herringbone Retail and its subsidiary Herringbone Staff on Sunday (December 7).
In a statement released late yesterday Green said he hoped the 11-year-old company - which operated 13 stores across Queensland, New South Wales, Victoria and the ACT - would operate the stores as usual while negotiations continued with potential buyers. Discussions were also being held with third parties that may be in a position to inject capital into the business, he said.
"The administrator is in discussions with Herringbone's bankers, and is seeking their support to continue the business," BRI Ferrier said.
"Expressions of interest are being sought from interested parties either to purchase the Herringbone business as a going concern or to recapitalise the existing business."
Green blamed the world financial downturn and weak Australian dollar for the company's predicament, having confirmed sales were down "20 to 30 per cent" from the same time last year.
Founded in 1999, the group specialised in tailored woollen suits and shirts for both men and women.
The first meeting of Herringbone creditors is scheduled for December 17.