Australian bikini brand Seafolly has fallen into voluntary administration amid a tough retail environment exacerbated by the Covid-19 crisis.
The brand has 44 stores across Australia and 12 stores overseas.
Business advisory firm KordaMentha Restructuring has been appointed voluntary administrators and made the announcement in a statement today.
It will be business as usual for Seafolly customers and staff as the administrators assess the business, said KordaMentha Restructuring partner Scott Langdon.
“All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores,” he said.
“We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points.”
The business will aim to be sold to an interested buyer. Langdon said interested parties should contact KordaMentha and that there would be a “high level of interest” in the business given the brand’s quality and reputation.
Seafolly is the latest brand to fall victim to Australia’s retail apocalypse.
Recently, retailers Jeanswest, Bardot, Kikki K, Colette by Colette Hayman also announced they were folding.