15/01/2019 - 13:56

Ed Harry enters voluntary administration

15/01/2019 - 13:56

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Menswear retailer Ed Harry, which employs 93 staff across 19 stores in Western Australia, has been placed in voluntary administration with an immediate clearance sale of merchandise coming into effect as creditors assess the business.

Ed Harry employs 93 staff in 19 stores in Western Australia.

Menswear retailer Ed Harry, which employs 93 staff across 19 stores in Western Australia, has been placed in voluntary administration with an immediate clearance sale of merchandise coming into effect as creditors assess the business.

KPMG’s Brendan Richards and Gayle Dickerson were appointed voluntary administrators, with the first meeting of creditors of the company to be held in Adelaide on Thursday January 24.

Mr Richards said the company went into administration after a particularly tough Christmas period, with shopping centre footfall significantly weaker than expected.

The announcement follows the closure of several Australian retailers recently, including Marcs, Pumpkin Patch, Payless Shoes, and Roger David.

Ed Harry managing director David Clark said the company had been facing fierce retail competition for some time.

“While this was to be expected, the directors had been exploring options for funding to enable Ed Harry to continue to compete and grow, however to this point have been unsuccessful,” he said.

Established in 1993, and relaunched in 2011, Ed Harry operates 87 stores across all Australian mainland states and territories and employs 498 staff.

In the short term the business will immediately embark on a clearance sale of existing merchandise to maximise options for the business.

KPMG said Ed Harry gift cards would be honoured for one month on a dollar-for-dollar basis only.

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