PAS Group, which owns a number of big name fashion brands including Review and Jets Swimwear, has entered voluntary administration.
The company announced the news in a release to the ASX on Friday, citing the impact of the coronavirus pandemic.
“While the Board is of the view that the company is solvent, given the issues as a result of unfavourable financial market conditions, the COVID-19 crisis and the challenges of restructuring in that environment, it felt that Administration was the best way to affect change while protecting all stakeholders,” the statement reads.
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PwC partners Stephen Longley, David McEvoy, and Martin Ford have been appointed as voluntary administrators.
They will now undertake a preliminary review and assessment of the Group’s operations that have been impacted by trading conditions, including COVID-19.
“PAS Group enters voluntary administration with the strong desire to restructure the Group and allow it to continue operating strongly and sustainably into the future,” the company said.
PAS Group owns 225 stores across both Australia and New Zealand with around 1300 employees.
Some of the stores include Review, Jets Swimwear, Black Pepper, Yarra Trail, Designworks and more.
The stores will continue to trade as normal, in-line with current local restrictions across Australia and New Zealand.
The company says all store credits and vouchers will continue to be honoured.