Jeanswest Goes Into Voluntary Administration, Blames 'Tough Market'
Retailer Jeanswest has collapsed, after being hit by online competition and "tough market conditions".
The clothing stores, known for their denim and maternity wear, announced it had appointed KPMG as voluntary administrators on Wednesday.
KPMG's Peter Gothard and James Stewart will oversee the running of Jeanswest until a potential buyer can be found.
Gothard said business for the 988 people employed across 146 stores will run as normal while administrators run an "urgent analysis".
“The Administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business.”
Stewart said being administration gives Jeanswest an opportunity to "restructure" to "better respond" to the challenging Australian market.
“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition," he said.
Jeanswest’s operations outside of Australia are not impacted by the Administration, KPMG said.
Jeanswest opened its first store in Perth in 1972.