An Australian women’s fashion chain with a national store network has collapsed into administration.
Grace Fashion, the parent company of discount womenswear chain SES Fashions, has been placed in administration, reportedly owing debts of around $12 million.
Stewart Free, Bradd Morelli, and Sule Arnautovic of Jirsch Sutherland were officially appointed as administrators on April 22.
Free has told media that a “very lacklustre” retail market during the first few months of the year, coupled with “some pressure from suppliers”, were the main factors which led to the collapse.
A creditors meeting will be held today, May 2, in Sydney.
SES Fashions sells a range of fashion apparel, accessories and footwear and operates approximately 44 retail stores nationwide, located across suburbs within Sydney, Canberra and Gold Coast.
The fate of SES Fashions follows other recent fashion company collapses, including lingerie empire UnderCoverWear in March 2014 and footwear label Peeptoe in January 2014.