Minutes from a meeting of creditors have revealed the financial pressures leading to the collapse of an upmarket retailer specialising in American designer brands.
Pink Zebra became the latest designer retailer to enter voluntary administration last month, appointing Angus Gordon of Macquarie Gordon & Co.
It was operating five stores across Sydney and Melbourne at the time.
Freshly released minutes from a creditors meeting reveal one store has already shuttered due to "an onerous lease and non profitability".
The brand's Mid City store (Sydney) has been closed, with all stock circulated to other national sites and a 25 per cent off sale advertised on all items except US brands.
Efforts to secure a possible sale of the business or equity injection are ongoing, according to the minutes.
Administrators revealed books and records provided by its director were sufficient, and that systems in place at the company appeared to be working well.
The GFC, relative parity of the Australian and American dollar and uncertainty in European financial markets were all blamed for slumping consumer spend.
Increased online spending was also noted as a factor behind the collapse, with administrators confirming Pink Zebra had been developing an online retail model to target this market.
Pink Zebra specialises in premium American brands including J Brand, Kate Spade, Beyond Vintage, Bailey & Taylor, Hyde Collection, Love Sam, Love Shop, Malibu Denim, MK2K and Michael Lauren.