MENSWEAR retailer Ed Harry will be wound down after failing to find a buyer.
The company, which has stores at both Westfield Kotara and Stockland Greenhills, will immediately commence final closing down sales to clear all remaining merchandise before closing up shop.
Administrators for Specialty Mens Apparel Pty Ltd, trading as Ed Harry, expected the wind down would take six – eight weeks.
“Unfortunately, and despite having run a comprehensive sale of business campaign, there have been no viable offers received for the ongoing operations of the company,” Brendan Richards, voluntary administrator from KPMG said.
“As such, the administrators have no alternative other than to progress to an orderly wind-down of the company’s operations.”
He took the opportunity to thank Ed Harry’s staff, customers and landlords for their continued support during the administration.
“We look forward to the ongoing support from stakeholders over the remainder of the administration period in order to maximise the return to creditors,” Mr Richards said.
Ed Harry managing director David Clark also thanked the Ed Harry team for its support and efforts.
“Our hard working team members and customers have been incredibly supportive and on behalf of the directors I just want to say thank you, this is a sad time for all those who have put so much into our business,” a statement from Mr Clark said.
Mr Richards and KPMG colleague Gayle Dickerson were appointed as voluntary administrators of Specialty Mens Apparel Pty Ltd on January 15, after the retail chain endured a “particularly tough” Christmas sales period.
"It has also become clear that shopping centre footfall has been significantly weaker than expected,” Mr Richards said at the time.
Fellow menswear retailer Roger David succumbed to market pressures late last year.
Roger David’s administrator, KordaMentha Restructuring’s Craig Shepard, found the retail clothing environment was too tough to attract firm bids.