Australia's declining physical retail market sees popular Aussie accessories downfall. Colette by Colette Hayman has been placed into voluntary administration and is now searching for buyers or a cash injection.
With 140 stores in Australia and New Zealand, Colette has been running out of cash after its busy Christmas period. Unfortunately, Colette joins the growing list of companies in the same economic position such as Bardot, Jeanswest and Harris Scarfe.
Vaughan Strawbridge from Deloitte Restructuring Services said that the business will continue to trade and employees will continue to be paid while administrators attempt to recapitalise or sell the business. They aim to preserve the business and the employment status of as many staff members as possible during this time.