7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
A popular Australia n fashion label worn by A-list heavyweights will be liquidated after 15 years of designs. The Australia n arm of Dion Lee entered voluntary administration in May, with dVT Group appointed to try and turn its fortunes around. The company reportedly owed creditors $35 million. At the time the objective was to save jobs and global goodwill in the brand, find a new investor or buyer, and repay creditors out of those proceeds, administrator Antony Resnick said.
“DVT has to date realised more than A$3 million in sales of merchandise after earlier being appointed voluntary administrators.” Dion Lee’s retail stores in Australia should continue operating until late September or early October. “The brand’s online site is expected to continue to trade through to early November or later,” liquidators said.
News Australia Business Lifestyle Fashion
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aussie fashion label Dion Lee to wind up after failing to attract a buyerThe embattled brand entered voluntary administration three months ago after Cue withdrew its stake in the business.
Read more »
‘A very sad day’: Dion Lee to wind up after failure to find saviourAfter three months of searching for a buyer, the troubled business, once the pinnacle of Australian fashion, will close permanently.
Read more »
‘A very sad day’: Dion Lee to wind up after failure to find saviourAfter three months of searching for a buyer, the troubled business, once the pinnacle of Australian fashion, will close permanently.
Read more »
‘A very sad day’: Dion Lee to wind up after failure to find saviourAfter three months of searching for a buyer, the troubled business, once the pinnacle of Australian fashion, will close permanently.
Read more »
Min Woo Lee announces he will play Australian Open golf tournamentMin Woo Lee is returning home hoping to complete unfinished business after committing to the Australian Open golf championship in Melbourne.
Read more »
Australian chef Maggie Beer in hospital after fall at South Australian homeIn a statement on social media on Sunday night, her family said she suffered minor bone fractures and related injuries.
Read more »