Collette By Collete Hayman has been placed in placed into voluntary administration, another victim of weak retail sales and tighter family budgets.
The popular handbag and accessories chain has appointed Deloitte Restructuring Services Partners Vaughan Strawbridge, Sam Marsden and Jason Tracy as administrators over the CBCH Group which trades under the Colette name.
This store is responsible for nearly half of my handbag and accessories collection. Colette does beautifully designed handbags for reasonable prices.
What happened to Colette?
“Colette By Colette Hayman has, unfortunately, been impacted by the current weak retail environment, as have many others,” Strawbridge said in a statement announcing the move.
Those others include fashion brands Bardot and Jeans West. Harris Scarfe, which has 66 stores in Australia, entered receivership in December 2019. EB Games also announced they would shut 19 “unprofitable stores” in January 2020.
What happens now?
But don’t panic if you love Colette as much as me. They are hoping to trade their way out of the financial crisis.
“Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business,” Strawbridge 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.”
So, ladies, we all have a great excuse now to get a new handbag and some stunning earrings this weekend and next weekend. Just helping the country. I had to do it.