Brands Direct appoints administrator

MELBOURNE: National discount shopping centre Brands Direct has gone into voluntary liquidation.

Papers filed with the Australian Securities & Investments Commission (ASIC) show the Melbourne-headquartered chain - which traded as Global Rags - has had Ferrier Hodgson appointed as an administrator.

A creditors meeting was held yesterday (December 5), the details of which have not yet been disclosed.

It is understood creditors of the chain include NAB, Provident Cashflow and Maryridge.

The brand - which offers clearance outlets for high profile fashion brands including Grab, Wish, Mavi, Metalicus, Mink Pink, Olive and Lacoste - operates out of Hawthorne but has as many as 10 locations across Australia including at the Sydney Domestic Airport terminal and in Parramatta.

In February this year the brand announced it had set aside around $10 million for expansion of the company which included plans to open a further 19 new outlets and 18 franchise stores by December 2008.

Neither director Leon Siebel nor administrators George George and James Stewart were available for comment at the time of press.