ragtrader.com.au can reveal womenswear chain SES has racked up debts of up to $15 million - but could a buyer be on the horizon?
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Grace Fashion, which trades as SES, placed its $62 million business in administration after sales suffered in the wake of increased competition.
Jirsch Sutherland administrators Stewart Free, Bradd Morelli and Sule Arnautovic have been appointed to the case.
Free told ragtrader.com.au the 44-store chain has a core debt estimated at $13 million to $15 million.
A proposal to purchase a portion of the business is currently undergoing due diligence.
Free said the fate of the chain is likely to be finalised within coming weeks.