EXCLUSIVE: The tough trading climate has claimed its next victim, as yet another Australian fashion retailer sinks into administration.
Ragtrader.com.au can confirm the collapse of Australian fashion retailer Oskar International, responsible for the Cactus Jam boutiques which stock a range of international and local labels.
The company was officially placed into administration in August 29, 2013 and has now completely ceased trading, with administrator Keith Sutherland of insolvency practice Bent & Cougle Pty Ltd has been appointed to manage the company's affairs going forward.
Speaking exclusively to ragtrader.com.au, Sutherland said the first creditor's meeting was held recently and the firm is currently in the process of “distributing funds to secured creditors”.
Cactus Jam and Cactus Jam International until recently operated two outlets in Melbourne, in Glenferrie Road Hawthorn and Albert Coates Lane in the CBD, but Sutherland confirmed both retail stores have now been closed.
Labels previously stocked by the boutiques included: 3.1 Phillip Lim, Matthew Williamson, Carven, Vanessa Bruno, Elizabeth & James, J Brand, American Vintage, Camilla, and Rachel Gilbert.
According to administrator Sutherland, the company faced a series of challenges in the 12 months leading up to its collapse, including a downturn in sales due to the tough trading climate and also “squeezing of margins”.
Sutherland also confirmed that the former owner of Oskar International has not yet and is not expected to make a motion to try and salvage the business via a Deed Of Company Arrangement (DOCA) or any other avenue.
“The company has ceased trading and it won't resume trading – that's it for the business,” he said.