BCR Advisory Sydney
Insolvency

Herringbone and Rhodes & Beckett have gone into administration

This article was sourced from Business Insider Australia. Article by Chris Pash.

Fashion clothing brands Herringbone and Rhodes & Beckett have gone into voluntary administration, joining a growing list of retailers seeing customer support fade.

They have 29 stores with 140 employees. Insolvency group Cor Cordis has been appointed administrator.

They follow fashion labels Marcs and David Lawrence which last week went into voluntary administration, citing deteriorating sales, general market conditions and poor cash flow.

They are the latest in a string of players in the retail sector, under pressure from online trading and emerging competitors, going into administration, including Payless Shoes, Pumkin Patch, Howards Storage World and Dick Smith stores, which closed last year.

Some retailers have been reporting disappointing December and January sales.

German group van Laack’s acquired Herringbone in 2009 and Rhodes & Beckett in 2012.

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BCR team
The BCR Advisory team are a national represented firm with its main office located in Sydney. It is a boutique corporate advisory, recovery and insolvency firm that specialise in the SME market. The team’s reputation is built on their extensive experience within the industry as well as their fresh and innovative approach to problem solving for distressed business owners. Let us know what you thought about this article by leaving a comment below. Alternatively, you can get in touch with the BCR Advisory through our contact page.

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