Fletcher Jones will close one third of its retail network and make 61 employees redundant, as administrators attempt to sell the business to potential investors.
Cor Cordis managing partner Bruno Secatore, who is handling the administration, confirmed 15 Fletcher Jones stores will close immediately.
It is understood 53 retail employees and eight head office staff have also taken redundancies.
The company, which continues to trade through 30 stores, reportedly owes around $1 million in staff entitlements and $8.5 million to unsecured creditors.
Fletcher Jones recorded turnover of around $24 million in fiscal 2011.
Administrators claimed interest in the business was better than expected, with indicative offers for the company due by December 23.
Fletcher Jones was placed in administration last week, following close to a century of trade.
The Australian company offers men's and women's clothing, specialising in suits, trousers and shirting.