Investment firm Crescent Capital Partners' bag brand Crumpler has entered voluntary administration (VA), documents filed with ASIC reveal.
The bag brand has appointed administrators Jason Stone and Glenn Franklin from PKF Melbourne to oversee the administration process.
According to the ASIC documents seen by Ragtrader, the appointment was referred to the administrators by Crescent Capital Partners' legal representation Johnson Winter & Slattery (JWS).
The administrators were first engaged by JWS on August 20 to run a 'conflict check' and a follow up meeting was organised for August 23, where JWS was provided with the documents to enter Crumpler into VA.
Crumpler was placed into administration on August 31, with media reports citing the impacts of COVID store closures in Melbourne and Sydney, as well as the significant travel downturn, as the main drivers of the move.
The news of Crumpler's collapse comes just over a year after Crescent Capital Partners bought out Tigerlily from administration.
The news also follows the departure of CEO Adam Wilkinson from the brand, who left Crumpler and Tigerlily in August 2021 to take up a new role at The PAS Group.
As reported by Ragtrader, Crumpler and Tigerlily were sharing an office, IT and warehousing functions, helping to increase operational efficiencies and reduce costs for Tigerlily.
"This shared approach will allow both brands to streamline costs and create more robust financial efficiencies, particularly in light of the unfolding COVID-19 impact on the retail sector," Wilkinson said at the time.
In 2020, Crumpler celebrated its 25th anniversary.
The brand operates 26 stores and has 11 stockist partners across Australia.