Administrators of an embattled fashion retailer have taken a knife to the company, closing a quarter of its stores to make the brand more attractive to a buyer.
Administrators of an embattled fashion retailer have taken a knife to the company, closing a quarter of its stores to make the brand more attractive to a buyer.

Troubled jewellery chain to shut stores

COLETTE by Colette Hayman will close 10 Queensland stores within three weeks as administrators take the knife to the retailer and search for a buyer.

The 10 loss-making Queensland stores will be among 33 across Australia to shut their doors by the end of March.

Stores in Mackay, Queen St in the Brisbane CBD, Kawana, Logan, Australia Fair, Mt Ommaney, DFO Cairns, Rockhampton, Noosa and Coomera will all close.

Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy were appointed Voluntary Administrators to CBCH group of companies, trading as Colette by Colette Hayman, on January 31.

A quarter of Colette stores located across Australia and New Zealand will close over the next three weeks.

Mr Strawbridge said all efforts were being made to redeploy staff affected by closures

"All staff impacted are expected to receive all their wages and entitlements in full," he said.

The administrators have continued to trade Colette since their appointment and say there has been a good response from customers and staff supporting the brand.

Mr Strawbridge said administrators have reviewed the Colette store network, taking into consideration a number of factors before making the decision to close stores.

"This is never easy and we have regrettably had to make the decision to close 33 stores," he said.

"We are working closely with the Colette management team to effect the closures quickly while seeking to redeploy staff impacted.

"Closing the 33 loss making stores will position us with improved group performance and time to find a recapitalisation or sale of business solution for the business."