Herringbone and Rhodes & Becket have shuttered seven locations across Melbourne, Perth, Brisbane and Sydney.
Administrators for the retailers, majority owned by German-based van Laack, have confirmed the move will stem ongoing losses.
The underperforming stores included all sites in Perth, with ten staff axed as part of the wipeout.
Despite the closures, administrators from Cor Cordis said a sale of business is still being pursued.
It is understood there has been an encouraging response from potential buyers.