Australian luxury fashion retailer Harrolds, renowned for attracting celebrities and showcasing some of the world’s most prestigious designers, has entered liquidation leaving behind debts of $16 million.
The company, which operated for nearly 40 years, was placed into liquidation in early October. Founded in 1985, the company opened its first store in melbourne and became known as the Australian destination for high-end brands such as Tom Ford, Saint Laurent, Balmain and Burberry.
As a Greek family-owned business, Harrolds held the distinction of being Australia’s only privately owned luxury department store.
Harrolds’ managing director Ross Poulakis said it was with “deep regret” the company had made a “difficult decision” to put the luxury retailer into liquidation.
“Despite our best efforts to adapt to the evolving economic environment, a combination of reduced luxury spending, decreased foot traffic, unprecedentedly high levels of CBD office vacancies and extremely unfavourable government policies has significantly impacted our ability to sustain operations,” Poulakis told The Daily Telegraph.
“Unfortunately the retail sector in Australia has been hit hard…
