Napoleon Perdis enters voluntary administration
The retailer’s directors have been trying to sell the business for several months, but hope to do so through the administration process, or that the brand will be restructured.
“The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale,” founder Napoleon Perdis said.
“My family and I are 100 per cent committed to achieving the best outcome for all stakeholders.”
The brand has been in business for 24 years, having seen its first store open in Sydney in 1995, and now boasts 56 stores across Australia. Administrators will continue trading all stores as usual, barring being closed on Thursday 31 January to record stock levels.
“The Napoleon Perdis brand is an iconic brand of Australia with substantial value and relevance within the cosmetic industry, for both Australian and international markets,” Administrator Simon Catho said.
“We expect the appointment will generate significant interest in the sale of the business.”
The first meeting of creditors will take place within eight days of the initial appointment, with a second meeting likely to occur within 20 to 30 business days. The second meeting will determine the future of the brand, according to the administrators.
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