Australian fashion brands Cue and Veronika Maine are reportedly being acquired two months after the business behind the brands fell into voluntary administration and receivership.
Over the weekend, The Australian reported that former Myer CEO Bill Wavish snapped up both brands, backed by a consortium of investors.
Ragtrader reached out to the receivers at FTI Consulting to comment, but the firm declined. BDO, the administrators, were also contacted.
Media reports added that the deal, which is expected to be announced this week, includes 12 stores, concessions in David Jones and Myer for the Cue and Veronika Maine brands, the website and some stock.
Last month, Ragtrader reported that 26 stores were being axed by the receivers following initial buyer offers. Cue and Veronika Maine fell into administration with 51 standalone stores combined.
According to the administrators’ report, filed on ASIC, a target list of 101 parties was compiled. In addition, 15 other parties reached out of their own volition.
From there, 29 parties executed a confidentiality deed poll and were admitted into the process.
Out of all that, four non-binding indicative offers were tabled with receivers. These offers included either an acquisition of the business and assets, or a deed of company arrangement.
Recent media reports claimed that one of these buyers was Justin Levis, son of Cue founder Rod Levis. Another was Brand Collective.
The receivers were aiming to finalise documentation by early November, with the process completed by early December.
Cue and Veronika Maine, under Cue Clothing Co., collapsed after its losses deepened since 2024, with the company owing around $51 million in liabilities. Read more about the collapse here.