In November, fast-fashion staple Bardot revealed it had entered voluntary administration, with KPMG appointed to complete a sweeping restructure.
Yesterday, it was announced 58 stores across Australia would shut down by March with more than 500 jobs expected to be lost.
Several stores have already folded since news of the chain’s collapse first broke.
“While closing stores is a very difficult decision to make, our analysis has determined it is a necessary step in rebuilding the financial performance of the business and maximising the prospects of a successful sale or restructure,” KPMG’s Brendan Richards said in a statement, according to 7 News.
“It is not our intention to close further stores at this point in time.
“I would like to thank Bardot staff for their hard work and efforts during this process.”
Massive sales are now being held in stores around Australia in a bid to clear remaining stock.
When Bardot first entered voluntary administration, Mr Richards said: “Bardot store trading will continue on a business-as-usual basis while we undertake an immediate assessment of the business.”
Before the collapse, Bardot employed about 800 staff over 72 stores across the country.
It blamed increasing competition and a “challenging” domestic market for its downfall.
This week it was revealed McWilliam’s Wines – the country’s sixth-largest wine company that has been run by the same family for more than 140 years – had appointed voluntary administrators, while video game favourite EG Games was closing at least 19 stores across the country within weeks.
That shock news comes after a horror 2019 that brought the collapse of a slew of Aussie businesses, with some international players also folding in recent months.
Last January, menswear retailer Ed Harry went into voluntary administration, and a week later, Aussie sportswear favourite Skins also revealed it was on the brink of failure after applying for bankruptcy in a Swiss court.
At the end of the month, the Napoleon Perdis beauty empire announced the cult make-up chain’s 56 Aussie stores had closed for stocktake. Administrators were appointed, and scores of stores have since collapsed.
Footwear trailblazer Shoes of Prey also met its demise in March last year along with British fashion giant Karen Millen, which in September revealed it would soon shut all Aussie stores, leaving around 80 jobs in peril.
In October, celebrity chef Shannon Bennett’s Melbourne burger chain Benny Burger was also placed into administration followed by seven Red Rooster outlets in Queensland just days later and then Aussie activewear sensation Stylerunner, which has since been sold to Accent Group Limited.
In November, it was revealed that popular furniture and homewares company Zanui was in trouble after it abruptly entered voluntary administration, leaving angry customers in the lurch.
Later that month, Muscle Coach, a leading fitness company, was put into voluntary administration after a director received a devastating diagnosis and the company racked up debts of almost $1 million.
Then it was the famous Criniti’s restaurant chain’s turn to enter into voluntary administration, with several of the 13 sites across the country set to close for good.
It was closely followed by discount legend Dimmeys and then Co-op Bookshop, which went into administration owing $15 million.
Australian department store Harris Scarfe was also placed into voluntary administration in mid-December.