ANOTHER big brand with a Tamworth store has entered voluntary administration, just a few weeks after the threat of the city's Jeanswest shop closing for the same reason.
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Colette by Colette Hayman has joined the list of big-name companies that have either closed or are at risk, largely due to the growth in online shopping.
The administrators have said stores will stay open and honour gift cards while the administration process takes place.
Colette has been part of the Tamworth fashion scene since August 2016, when it opened on Peel Street, the only one in the region.
It employs seven people, in a mix of full-time, part-time and casual staff roles; it's unknown what the future holds for them.
The Northern Daily Leader attempted to contact the company, but was told it was not making any statements; staff at the local store said they could not comment.
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Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy have been appointed as administrators.
Mr Strawbridge said the company had "unfortunately, been impacted by the current weak retail environment, as have many others".
"Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business," he said.
"Given the strength of the brand, we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible."
He said he was confident there were enough assets to meet all employee entitlements; and, in the meantime, employees would continue to be paid.
The first meeting of creditors will be held on February 12.
The company, which retails women's bags, jewellery and accessories, is only about 10 years old.
It was established in 2010 before expanding to 180 stores in Australia, New Zealand, South Africa and the United Kingdom, according to its website.
It comes after Jeanswest announced on January 17 it had entered voluntary administration.
The chain will remain open in Tamworth; however, the Armidale store has closed.
Carolyn Millet
Based at The Northern Daily Leader, Tamworth, and Namoi Valley Independent, Gunnedah. Covering general news and features on community, council, arts, business, health, education, entertainment and rural matters.
Based at The Northern Daily Leader, Tamworth, and Namoi Valley Independent, Gunnedah. Covering general news and features on community, council, arts, business, health, education, entertainment and rural matters.
