Bardot slashes the cost of clothes during a Black Friday sale as the women’s fashion retailer goes into administration
- Fashion brand Bardot is hoping to find a buyer after going into administration
- Trading will continue as usual while administrators work to assess the business
- Bardot’s chief executive promised ‘open and timely communication’ to its staff
- The company makes $120million in sales annually and has 70 Australian stores
Australian womenswear brand Bardot has slashed prices across its stores as administrators battle to save the struggling company.
The retailer, which has over 800 employees and 72 stores across the country, announced it had been placed into voluntary administration on Thursday night.
And now shoppers can snag a bargain, as all items have been discounted.
Shoppers can snag a bargain from Bardot as all items have been discounted
The company, which has s 72 stores across the country, said a ‘challenging domestic market’ was one of the factors behind their decision
However, it is not clear if the sale is a response to the company being placed into administration.
Australia’s cluttered retail market has been blamed for the collapse.
Brendan Richards and Ryan Eagle, from KPMG, now tasked with restructuring the company, while Deloitte Corporate Finance search for a buyer.
Trading will carry on as normal for the foreseeable future. Pictured: Bardot’s designs at the Miss Myer Show Fashion Launch in 2011
The announcement has created uncertainty for staff as they head into the festive season.
Brendan Richards and Ryan Eagle were unable to tell Daily Mail Australia what will happen to those jobs in the long run.
‘We are at the very start of the process, so many questions are yet to be answered,’ Mr Richards said,
‘However, I can confirm that Bardot store trading will continue on a business-as-usual basis while we 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.’
Bardot was launched in 1996 by designer Carol Skoufis, who owns 100 per cent of the company.
From just five employees in the 90s, it grew into a successful company and launched its well-received children’s line Bardot Junior in 2004.
The company rakes in around $120million in sales annually.
After launching in 1996, Bardot grew into a successful company and launched its well-received children’s line Bardot Junior (pictured) in 2004
Although Bardot experienced a recent surge in sales after expanding overseas, Mr Artemides said the decision was made to ensure Australia ‘is, and will always remain, the heart of the Bardot business’.
‘Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot’s retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market,’ he said on Thursday.
‘Operating a national retail network in its current state is no longer sustainable.’
But Mr Richards hopes the business can come back from the brink after the company-wide restructure.
‘Although the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times. We expect strong interest in the sale/recapitalisation process,’ he said.
‘In the last five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high profile international department stores.’