At least $20 million worth of stock at the recently collapsed Jeanswest brand is set to go on sale from today – amounting to over 350,000 items.
This includes 138,000 pairs of jeans and thousands of new season stock, with sales happening across 87 retail locations Australia-wide, according to administrators Lindsay Bainbridge, David Vasudevan and Andrew Yeo of Pitcher Partners Melbourne.
Bainbridge said there will be storewide discounts to shift the stock, which includes 77,000 units of new pieces of clothing and footwear that were ordered before the company entered administration and have only just arrived in warehouses.
“Everything is reduced and sales will apply both at retail stores and online,” he said. “All sales will be final during the closing event.”
Jeanswest is closing all Australian stores as the parent company pivots to operating online only, but New Zealand’s three stores will remain open. The company manages around 600 staff.
Bainbridge said media interest in the fate of the 53-year-old company demonstrated the longstanding popularity of the Australian brand and he expected that to translate to strong sales.
“If you love Jeanswest this is your moment to get in and get a bargain,” he said.
“The goal is to clear the stock, maximise returns for creditors and get the business ready to be restructured as an online operation.
“We have spoken to all staff and will continue to operate all stores at this stage while we run out the stock.”
Global asset experts, Gordon Brothers, have been appointed by the administrators to support the sale.
“The sale provides customers with a chance to purchase their favourite merchandise across all stores and online. Stock will sell out, so we encourage customers to take advantage of the sale sooner rather than later,” a representative from Gordon Brothers said.
Earlier this year, the parent company of Australian-born fashion brand Jeanswest, Harbour Guidance Pty Ltd called in the administrators. It is the second time the brand has collapsed after falling into administration in 2020.
Harbour Guidance Pty Ltd rescued Jeanswest after it entered administration in 2020.
The company cited tough trading conditions amid reduced consumer spending and increased cost of living.
While the bricks and mortar business operations are set to close in due course, Jeanswest and its online store may be continuing and all restructuring options remain open.