National News

Jeanswest put into administration

640px-HK_Tung_Chung_Fu_Tung_Estate_Plaza_shop_JeansWest_Oct-2012.jpg

The major clothing retailer has collapsed as online stores and low consumer spending blow a hole in Jeanswest's bottom line.

Jeanswest first opened in 1972 and currently operates 146 stores across Australia, with 988 employees on the books.

KPMG were appointed as voluntary administrators this afternoon, with KPMG partner Peter Gothard telling Nine News that the clothing giant's operations outside of Australia won't be affected and at this stage, all stores will will continue to operate as normal while a potential buyer for the business is found.

"Jeanswest will continue to operate while the Administrators conduct an urgent analysis of the business," said Mr Gothard.

"The Administrators will be looking at all options for the restructure or sale of this established Australian retail business and are seeking urgent expressions of interest from parties interested in acquiring or investing in the business."

Image Credit: Hopakretoo [CC BY-SA (https://creativecommons.org/licenses/by-sa/3.0)]