Accessories retailer Colette by Colette Hayman will shut a quarter of its store network.
The company was placed into voluntary administration on January 31.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy were appointed voluntary administrators.
Yesterday, they told staff that 105 stores would remain in the portfolio to be offered for sale.
This meant a quarter of the Colette stores (33 stores) located across Australia and New Zealand would close over the next over the next three weeks.
Strawbridge said all efforts are being made to redeploy staff who are affected by stores closures and work has already commenced on this.
“All staff impacted are expected to receive all their wages and entitlements in full."
The administrators have continued to trade the business since their appointment and have seen a good response from customers and staff, according to administrators.
Strawbridge said as part of their appointment they have reviewed the Colette store network, taking into consideration a number of factors before making the decision to close stores.
“This is never easy and we have regrettably had to make the decision to close 33 stores. We are working closely with the Colette management team to effect the closures quickly while seeking to redeploy staff impacted,” he said.
"Closing the 33 loss making stores will position us with improved group performance and time to find a recapitalisation or sale of business solution for the business."
The administrators' key focus is on the sale of the business with initial expressions of interest due early next week, a process they have said had gained strong interest.