Failed apparel retailer Fletcher Jones will stretch out its in-store sales for three months in an attempt to claw back cash for creditors.
Bruno Secatore of Cor Cordis, the administrators for the 93-year-old company, has accepted an offer from liquidators Hilco Merchant Australia to carry out a structured sale of the stock.
Sales kicked off on Saturday with some products subject to a 50 per cent discount.
The business and its remaining 30 stores are still for sale and Secatore has applied to extend the convening period until May 14.
Fletcher Jones is the latest in an ever growing list of apparel retailers, such as Satch, Bettina Liano and Brown Sugar, who have succumb to mounting debt in the turbulent economic climate.
The next meeting of the creditors will take place shortly after May 14 and a full report of the company's financial position will be released before this.
Fletcher Jones owes millions to creditors, although Secatore is keeping tight lipped on the final amount that is owed as investigations continue.
Nearly $3million is owed to one unsecured creditor in the apparel industry - see the February edition of Ragtrader for the full details on which suppliers have been left short.