Another fashion chain enters admin

LOVER_FOUNDERS

The brand’s founders Nic Briand and Susien Chong

Fashion retailer Lover has become the latest Australian retail causality, falling into the hands of administrators Ferrier Hodgson.

The business, which employs approximately 25 people across two stores in Sydney and an e-commerce website, will continue to trade while Ferrier partners Morgan Kelly and Ryan Eagle seek a buyer.

Ferrier did not go into any detail about the reasons Lover fell into voluntary administration, but is expected to provide more detail after its initial creditor meeting on 5 December.

There was at least one court proceeding pending against the company, which has been stayed while administrators assess the financial position of the company ahead of the pursuit of a prospective sale.

Lover’s FY17 revenue totalled $5.2 million across Lover Clothing Pty Ltd, which trades online.

The business’ physical stores are located in Bondi Junction and within the Strand Arcade in Sydney’s CBD.

Expressions of Interest to purchase the business as an ongoing concern end on 30 November, which according to a sale notice may constitute offers for part or all of the business.

Administrators will honour existing customer gift cards, but will not be selling new ones moving forward.

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