Sydney-born label Suboo is the latest fashion brand to hit the wall.
According to a notice on ASIC, Worrells’ Christopher Damien Darin has been appointed as liquidator of Suboo after members of the company voted to wind up operations.
Ragtrader has reached out to Worrells for further comment.
The womenswear brand has since released a statement to media, saying its decision came after realising the business was no longer viable.
The brand then cited rising operating costs, broader global economic pressures and significant changes across the international fashion and retail landscape.
“Many of these factors have been outside our control and are being felt across the industry more broadly,” the statement read. “The retail environment today looks very different to the one in which Suboo was built.”
A report released by directors and obtained by The Daily Telegraph revealed that Suboo owes around $655,000 to creditors, including $140,232.89 to Shopify, $105,162.50 to Wayflyer, $60,909.31 to DHL, $58,299.49 to FedEx, $51,840.66 to Swell Ltd and $18,253.25 to Dongguan P&J Clothing Co – a clothing manufacturer in China.
Suboo’s website is now closed, with a message saying “we’ll be back online soon”.
The brand was founded in 2012 in Bondi, Sydney, by designer Sue Di Chio. The brand’s styles have been worn by the likes of Kendall Jenner and Gigi Hadid.
The brand was also stocked globally at major retailers including Saks, Nordstrom, David Jones, Selfridges and Bloomingdale’s.