Kleins collapse

MELBOURNE: National budget jewellery chain Kleins has collapsed beneath a $20 million mountain of debt.

According to reports in Fairfax newspapers today (May 4), the privately-owned retailer has gone into voluntary liquidation with DFerrie Hodgson partners James Stewart and George Georges appointed as administrators.

Kleins, which operates a franchise system, has over 200 outlets - 150 of which are franchised stores with the remainder owned and managed by the company - spread across Australia, New Zealand and South Africa.

The reports quoted Stewart stating the business had been struggling "for some time" and in the past six months or so had seen steadily declining sales.

It is expected the business will continue to trade while a new owner was sought.