Jeanswest’s Australia arm is the latest retailer to enter voluntary administration.
The casual and maternity clothing company, founded by perth businessman Alistair Norwood (opens in a new tab)” href=”https://thewest.com.au/business/finance/penalties-still-rankle-80s-retail-king-ng-ya-331175″ target=”_blank”>flamboyant Perth businessman Alistair Norwood in 1972, employs 988 staff and operates out of 146 stores nationally.
In 2017 Jeanswest’s local division was acquired by a private Hong Kong company, Howsea Limited, which notes Charles Yeung as chairman and Yeung Chun Fan as his vice.
The sale price was reported to be $A41 million (which factored in a $14 million before tax loss for the 2016 financial year).
The vendor, Glorious Sun Group, controlled the brand from
1994, expanding it into China, Indonesia, New Zealand, Russia and Vietnam.
The company’s umbrella of retailers also includes Quiksilver
Glorious Sun, Rand Design and Roxy.
Coincidentally, Glorious Sun is an active melbourne office investor, in early September, 2018, paying $9.6 million for an investment within the Tally Ho business park, in Burwood, then a week later outlaying $18.4 million for 255 Whitehorse Road, Balwyn.
Jeanswest Australia’s short term prospects
KPMG administrators Peter Gothard and James Stewart said he is considering all options for a restructure or sale – but that the business will continue to…
