Baubridge & Kay was on the cusp of launching a new brand aimed at a younger market before plummeting into receivership, it has been revealed.
The Sydney-based retailer and wholesaler was placed into receivership on September 7, joining a list of high-end brands to suffer similar circumstances this year including Satch, Belinda International, Covers and Bettina Liano.
A source close to the company told www.ragtrader.com.au that samples for a new line 'Charlie Foxtrot' had just begun arriving at the time of its receivership.
Charlie Foxtrot was to be aimed at a younger demographic, complementing Baubridge & Kay's classic offering of quality shirts, suits, womenswear and homewares.
Baubridge & Kay was reportedly placed into receivership within 48 hours of being notified of debt obligations by its banking partner.
The company and its accompanying asset, fashion sourcing
division Collaboration & Co, were consequently placed up for sale.
Receivers are reportedly fielding a number of offers to buy the company from industry buyers, including a premium men's suiting brand based in Sydney.
At the time of its collapse, receiver Said Jahani said the 22-year-old family business had been a victim of competition from offshore retailers and manufacturers.
Baubridge & Kay had whittled its store network down to one site by the time of its collapse. It was offered a position at Westfield Pitt Street mall but was unable to accept due to high rents.
The brand produced classic apparel lines using quality European fabrics and Chinese manufacturers.
For more, pick up the November 7 edition of Ragtrader.