Administrators Scott Langdon and Rahul Goyal of KordaMetha Restructuring have cited Covid-19 as the main reason for the collapse of the business.
Langdon has mentioned that the restructuring firm will commence with a sale of business process. “Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business,” Langdon said.
Seafolly’s 44 stores across Australia will continue to trade, and all gift cards and reward points will continue to be redeemable in Seafolly’s 44 stores across the Australia and 12 stores overseas.
The retailer joins such retailers as Jeanswest, Tigerlily and G-Star Raw in collapsing under the weight of the pandemic and as seen in the case of Bardot, private investors may not be so quick to pick up struggling brands that were previously attractive – with customers likely to begin focusing spending on essential and experiential purchases in a post-lockdown economy.
