Stores across the country have shut for good and left 200 workers out of a job after no buyer was found for this “globally recognised brand”.
The renowned denim brand collapsed into administration in mid-May, leaving its 57 Australian stores in the lurch.
Ernst & Young’s Justin Walsh, Stewart McCallum and Sam Freeman were appointed voluntary administrators, but sadly, the trio announced on Monday a buyer had not been found despite an “extensive marketing program”.“G-Star RAW is a globally recognised brand. The fact that no party was able buy the business reflects the high level on uncertainty regarding the future prospects for the retail sector in Australia,” the administrators said in a statement.
When the brand first entered administration, Mr Walsh told news.com.au traditional retailers were “already facing business challenges before“We expect that as lockdowns are lifted and various levels of government stimulus take effect, retailers will experience an uptick, however the impact remains significant,” he said at the time.reported that unusually, the brand had not experienced major debt before entering administration.
While all G-Star stores will exit Australia, the Dutch-owned company, which was founded in 1989, will continue trading in other overseas markets.G-Star RAW – commonly known as G-Star – was founded by Jos van Tilburg in Amsterdam in 1989 and quickly made a name for itself across the world. Over the years, a slew of big names have modelled for the company including Liv Tyler, while celebrities such as Pharrell Williams and Jaden Smith have collaborated with the brand.It now has flagship stores around the world including in New York, Melbourne, Sydney, Paris and London.Monday’s announcement comes hot on the heels of a slew of other high-profile Australian businesses that have folded in 2020.
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.
Broncos star Haas facing ban for crusher tackleMORE PAYNE FOR THE BRONCOS! 👀 Details: 9WWOS NRL
Read more »
Why Halifax star Claudia Karvan chose home over HollywoodIn the three decades (really!) since Claudia Karvan burst onto our screens, she’s appeared in some of Australia’s best-loved TV series and films. She discusses why Tinseltown holds little allure for her.
Read more »
Dust cloud behind dimming of dying star Betelgeuse, scientists sayAstronomers determine the cause of the dramatic dimming of one of the brightest stars in the night sky, a colossus called Betelgeuse that appears to be on its way toward a violent death.
Read more »
Woolworths Disney + Ooshies are coming starring Marvel Avengers, Star Wars, Toy Story charactersWoolworths customers will soon be able to collect Disney+ Ooshies characters, including Elsa, Woody, Captain Marvel and many others.
Read more »
Australia 'close' to gaining access to Oxford's promising COVID-19 vaccineFederal Health Minister Greg Hunt said he was 'genuinely optimistic' a vaccine will be on the global market by 2021 and the government would soon reach an agreement to produce it locally.
Read more »