An iconic fashion retail giant has closed at least one of its flagship stores as the company prepares to fight a proposal to wind up operations over unpaid debts.
General Pants Co recently shut down its sydney/index.html” id=”mol-5cd096f0-6e6d-11f0-91fd-cda46e8a3dc3″>Sydney CBD outlet on George Street following a massive storewide sale, sparking disappointment among fans.
This latest blow to the fashion industry comes as the embattled youth retail chain faces legal action that could see it placed into liquidation unless its alleged debts are paid.
Earlier this month, General Pants Co was served with an insolvency claim by distributor UCC Australia, which alleges the company owes $69,835.92 for delivered stock.
The distributor claims the unpaid invoices were for the supply of cameras and film between October and December last year.
‘The goods were delivered and accepted by the debtor, and the invoiced amounts remain due and payable,’ court documents state.
UCC Australia filed a winding-up order against the retailer earlier this month, according to a notice from the Australian Securities and Investments Commission.
The order was lodged after General Pants Co failed to comply with a recent statutory demand to pay the alleged debt.
A General Pants flagship store closed down in Sydney as the…