Australian fashion label Nique has entered voluntary administration, becoming the latest high-street brand to falter in a tumultuous economic environment.
The 26-year-old label, best known for its minimal black and white designs and earth-tone apparel, on Wednesday appointed Justin Howlett of SMB Advisory as administrator.
Nique has since ceased trading, while Howlett pursues urgent expressions of interest for all, or part, of the business.
“The business fell on hard times during the Covid lockdown period and despite robust restructuring initiatives over recent years, the well-documented difficulties across the retail sector appear to be the key contributing factor to the company’s demise,” Howlett said in a statement provided to SmartCompany.
At least 15 staff will be affected by the administration, with many being casual employees.
“In what is an extremely difficult time for all management, staff and suppliers – we are currently exploring all options available to maximise the value of the business, stock and IP given the perceived value of the well-established and leading brand name,” Howlett said.
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