Australian luxury retailer Harrolds has slipped into liquidation, owing over $16 million in liabilities.
It comes after nearly 40 years of operation as a family owned and operated independent retailer, selling a range of local and international brands across women’s fashion, footwear, leather goods and accessories, with flagship stores in Sydney and Melbourne.
Documents obtained via ASIC and read by Ragtrader show that the company’s total liabilities hit $16.3 million, with creditors including various high-end fashion houses across Australia and internationally. SMB Advisory has taken on the role of liquidator.
Global fashion brand Victoria Beckham is reportedly owed $30,516.85, while Tom Ford is collectively owed $34,254.34. Italian brand Vetements is owed $51,898.91.
Meanwhile, Burberry is owed just over $1,000, while Italian shoe brand 3JUIN is owed $16,372.20, and French brand Mugler is owed $29,044.18.
There are other global fashion brands on the creditors list that are owed larger amounts, including Thom Browne (owed $253,347.83), Stefano Ricci (owed $244,482.00), Raffaele Caruso (owed $133,677.29), Balmain (owed $146,399.90) and Acne Studios (owed $143,103.99).
Australian fashion brand Anna Quan was one of the few local fashion houses listed, owed $815.80, as well as Song for the Mute (owed $20,213.00), and high-end sock and hosiery brand Chusette (owed $6,494.40).
The larger creditors within Harrolds’ liquidation include NAB and the ATO, both collectively owed around $6.6 million.
All up, the total creditors list cover over 70 entities.
The documents also showed that Harrolds was itself owed $13.3 million, with cash at bank amid liquidation being $209,073.