Ally Fashion, a well-known Australian women’s fast fashion retailer, has officially entered liquidation, resulting in the closure of 51 stores and the loss of 250 jobs. The retailer, which was founded in 2001, had grown to operate over 160 stores across the country before facing financial difficulties that led to its collapse. The Court appointed Jeff Marsden and Duncan Clubb from BDO Australia as liquidators.
As part of an “urgent assessment,” the liquidators determined that shutting down underperforming stores would improve the company’s financial viability. Nineteen of the stores to be shut are located in Queensland, 11 in New South Wales, eight in Victoria, seven in South Australia, and six in Western Australia. While 51 stores will be permanently shuttered, the remaining 109 locations will continue trading under a license Agreement with a company linked to Ally Fashion Director David Dai.
“Ally Fashion is a well-known Australian brand, with a dedicated team,” said liquidator Jeff Marsden in a statement. Luxury retailer Harrolds also faced financial trouble, having entered voluntary administration earlier this year. Although Australian Bureau of Statistics (ABS) data showed that January retail sales increased 3.
8 percent yearly to $37.07 billion, business lobby groups said that trading conditions remain challenging. “High rates of crime, the increased cost of doing business, the demand to stay competitive, and the lack of sufficient support from government h.
