Roger David’s 57 fashion and accessories stores will close within weeks after no buyers emerged in a four-week process to sell them as a going concern.
Administrator Craig Shepard of KordaMentha Restructuring said Thursday that, while there had been some interest amongst potential buyers, the retail clothing environment was too tough to attract firm bids.
‘Roger David was a victim of rising fixed costs, fierce competition from online and global competitors and cautious consumer demand,’ Mr Shepard said.
All remaining stock, including the summer range, is being moved into stores and will be priced to clear, with the 76-year-old chain closing down by early to mid-December.
The business was placed in voluntary administration on October 18.
Roger David employs 300 full-time people and almost 200 casuals and part-timers.
‘The employees and customers have been remarkable in the past four weeks to help provide the company with cash flow to help pay entitlements and creditors,’ Mr Shepherd said.
‘Discounts of 60 per cent or more will continue until the last day.’
Roger David has 193 employees in 19 stores in Victoria, 98 in 15 stores in Queensland, 77 in 12 stores in NSW, 60 in seven stores in WA, 15 in two stores in SA, 15 in two stores in Tasmania and four in one Canberra store.