Menswear retailer Ed Harry closing for good
Three weeks after entering voluntary administration, specialty menswear retailer Ed Harry is closing down for good.
Administrators Brendan Richards and Gayle Dickerson of KPMG said it was the company’s only option, after no viable offers were received to purchase the business.
“Despite a thorough sale campaign being undertaken, there has been limited interest from the market in the business as a going concern,” Richards said.
Remaining stock will be sold and the company’s operations will be fully wound down over the next six to eight weeks.
The company’s closure will impact nearly 500 staff who work across 87 stores nationwide and in the head office in Adelaide, South Australia.
Established in 1993, Ed Harry was relaunched as a multi-channel business in 2011. It is just the latest retailer to end up on the chopping block after a worse-than-expected Christmas.
Napoleon Perdis, a popular cosmetics brand that sells through bricks-and-mortar stores and online, went into administration last week, citing unrealistic shopping centre rents as a key reason. Specialty menswear retailer Roger David closed its doors for good at the end of the year.
All of these retailers also traded online, but it does not seem to have been enough to offset flagging sales in bricks-and-mortar stores.
“We would like to take this opportunity to thank Ed Harry’s loyal staff, customers, and landlords for their continued support over the administration – and we look forward to the ongoing support from stakeholders over the remainder of the administration period in order to maximise the return to creditors,” Richards said.
Ed Harry managing director David Clark also thanked the Ed Harry team around the country for their support and efforts throughout this difficult period.
“Our team members and our customers have been incredibly supportive and on behalf of the directors I just want to say thank you, this is a sad time for all those who have put so much into our business,” said Clark.