The liquidation comes after surprising a few months for the fashion industry, which has seen a number of chains including Belinda International and Bettina Liaño collapsed into administration. Sugar is also placed into administration, but was saved by new buyers last week.
BDO partner Stephen Dixon and Laurence Fitzgerald said in a statement that the liquidation was adopted on 6 October following “long, the public and competitive sales process of the trade”, which concluded with the sale of the assets and business to parties that relate to the founder and Director Jim Sachinidis.
“The asset sold is comprised of inventory, supplies and equipment. Lease obligations for nine branded stores and employees Satchel rights were transferred to new owners. “
“Shops, Melbourne, Sydney and Perth, will operate under a new corporate structure. Three loss-making stores closed during his administration. “
Lease obligations for nine Satchel shop has been transferred to new owners, along with the right employees. This will operate under the new structure, the administrator said, with most employees retain their jobs.