Rhodes & Beckett might have saved its iconic competitor Baubridge & Kay from extinction - but the same cannot be said for the latter’s sourcing division.
As exclusively reported on ragtrader.com.au, suiting retailer Rhodes & Beckett purchased the 22-year-old business after it entered into receivership last year. Grant Thornton receiver Said Jahani confirmed the sale had taken place after a period of due diligence, but both Jahani and Rhodes & Beckett declined to reveal any further details on the acquisition.
Ragtrader has learned however that Baubridge & Kay’s accompanying asset, fashion sourcing division Collaboration & Co, was not snared as part of the deal.
Prior to the appointment of receivers, Baubridge & Kay was also in the midst of developing a younger sister label called Charlie Foxtrot. It is not known whether Rhodes & Beckett will develop the line, which was at sampling stage, as part of its new ownership.
An initial report into the affairs of Baubridge & Kay revealed it had an unsecured creditor toll of $610,980 and debts to National Australia Bank of $1.5 million at the time of its receivership. Rhodes & Beckett is a suiting chain with stores throughout New South Wales, Queensland, South Australia and Victoria, as well as distribution through department store Myer.
