Bardot seeks sale, appoints administrators
Womenswear Bardot has become the most recent retailer to collapse into voluntary administration, appointing KPMG as administrators on Thursday.
KPMG confirmed all stores will continue to operate on a business-as-usual basis while it undertakes an assessment of the business, and that it will pursue a sale or recapitalisation process moving forward.
The fashion chain operates 72 stores, and employs 800 staff.
“We are at the start of the business, so many questions are yet to be answered,” Richards said in a statement.
“We [will] undertake an immediate assessment of the business. Both gift cards and credit notes will also be honored on a dollar-for-dollar basis for the foreseeable future.”
While the business as seen strong growth internationally, Bardot has struggled domestically in a “highly cluttered and increasingly discount-driven market”, according to chief executive Basil Artemides.
“Operating a national retail network in its current state is no longer sustainable,” Artemides said.
“We have appointed administrators KPMG to lead a company-wide restructure, which will enable us to re-define local market presence; ensuring that Australia is, and always will remain, the heart of the Bardot business.
“We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment.”
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