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Australian retailer Herringbone saved,[link widoczny dla zalogowanych]
The Herringbone assets have been sold to the Australian arm of van Laack GmbH,[link widoczny dla zalogowanych], which was established in Germany in 1881 and trades in 14 countries.
"The transaction is a great outcome,[link widoczny dla zalogowanych], with 37 jobs retained,[link widoczny dla zalogowanych], and having eliminated the debt, the company should be very successful going forward," BRI Ferrier voluntary administrator Martin Green said.
"It will also enable this iconic Australian label to become an international player in the fashion industry with an intended strategy for future expansion overseas,[link widoczny dla zalogowanych]," he said.
"Herringbone will remain based in Australia,[link widoczny dla zalogowanych], retaining key personnel and its distinct brand identity."
Financial details of the transaction remain confidential. The decision to appoint the voluntary administrator last year was taken by the directors of Herringbone following a slump in sales and a corresponding downturn in forecasts for the 2009 calendar year,[link widoczny dla zalogowanych].
The upmarket retailer, which is favoured by financial sector workers,[link widoczny dla zalogowanych], said this was a direct result of the current global financial crisis,[link widoczny dla zalogowanych], and consequential cuts in household retail spending.
After his appointment,[link widoczny dla zalogowanych], Mr Green said the immediate strategy was to close unprofitable outlets and reduce unnecessary overheads,[link widoczny dla zalogowanych], while negotiating with potential buyers and parties interested in injecting required capital.
Herringbone operates 10 retail stores throughout NSW,[link widoczny dla zalogowanych], Queensland and Victoria,[link widoczny dla zalogowanych], selling high quality suits, business shirts, ties and knitwear.
The company was founded 12 years ago by Mr Mutton and Matt Jensen.
Buyer van Laack was established in 1881 to make exclusive mens' shirts and blossomed in the roaring 1920s,[link widoczny dla zalogowanych]. In 1972 it introduced a collection for women,[link widoczny dla zalogowanych].
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