End of an era.
It’s a sad day for menswear chain Roger David, with the clothing company announcing all of its stores will be closed down before Christmas.
Administrators KordaMentha confirmed the news on Thursday, revealing they were unable to find a new buyer for the struggling business.
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The restructuring firm said there had been some interest amongst potential buyers, but the retail clothing environment was “too tough to make it work.”
“Everyone recognised the strength and the affection for the brand, but it did not pass the viability test,” Administrator Craig Shepard said.
“Roger David was a victim of rising fixed costs, fierce competition from online and global competitors and cautious consumer demand.”
More than 500 staff are set to lose their jobs, with 19 Roger David stores in Victoria, 15 stores in Queensland, 12 stores in NSW, seven stores in Western Australia, two stores in South Australia, two stores in Tasmania and one store in Canberra.
It’s understood all remaining stock will be moved into stores and priced to clear with discounts of 60% or more.
The 76-year-old menswear chain was placed in Voluntary Administration on 18 October.