A popular women's fashion retailer has gone bust
Popular women's clothing retailer Bardot has gone into voluntary administration citing a "challenging domestic market" as having contributed to the decision.
The Australian clothing group will continue trading for the foreseeable future, but today appointed administrators from law firm KPMG to complete a company-wide restructure.
Bardot, which was established in Abbotsford in 1996, now has 72 stores across the country with 800 staff employed Australia-wide.
Three of those stores are on the Sunshine Coast, one is in Toowoomba and others are in Brisbane, Cairns and Townsville.
There are also stores across NSW.
The company has recently had an influx of success expanding into overseas markets.
But Bardot chief executive Basil Artemides said the announcement was made in order 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," Mr Artemides said.
"Operating a national retail network in its current state is no longer sustainable.
"We have appointed administrators KPMG to lead a company-wide restructure, which will enable us to redefine local market presence; ensuring that Australia is, and will always remain, the heart of the Bardot business."
Mr Artemides acknowledged the impact the news would have on staff and stakeholders, promising "open and timely communication" throughout the process.
In a statement from KPMG, restructuring services partner Brendan Richards said gift cards and store credits would still be honoured.