Many chain stores have succumbed to Australia’s tough retail climate which has been evident through the many companies who shut down for good in 2018. The changing landscape of bricks and mortar retailers in Australia has caused a string of significant closures, some of which we have listed below.
Fashion retailer Esprit revealed in early May last year that it would close all 67 of its stores in Australian and New Zealand. This decision followed the reports of losses reported in the Oceania region, and announce that they would shift their focus back to Asia, where they were reportedly more profitable.
Doughnut Time received a lot of backlash when it was disclosed that their employees had been left unpaid for months, and then fired without explanation. A photo of a handwritten sign on the wall of the Doughnut Time store in at Sydney’s QVB went viral on social media, displaying the workers’ frustrations. The company’s financial struggles were further exemplified through the hashtag #itsnotalwaysagoodtime.
Adriano Zumbo’s patisserie company went into voluntary administration in early August last year. It was reported that their debts were as high as $10 million.
TOYS R US:
After going into voluntary administration in May, the toy company finally closed down for good in August. All Toys R Us and Babies R Us stores closed across the country, and around 700 jobs were lost.
Roger David was placed in voluntary administration in October 2018. The famous menswear label confirmed that it would close all 57 stores throughout Australia.
This list of companies who closed in Australia’s tough retail climate exemplifies the landscape of bricks and mortar retailers. If you would like more information on company liquidations, or are considering one yourself, then please contact Australian Company Liquidations. We are registered company liquidators who offer a FREE 24/7 insolvency hotline for Australian directors seeking expert advice. Please call us on 1800 731155 now.