Swim­suit brand moves into ad­min­is­tra­tion

Arab News - - Business News -

Seafolly, an Aus­tralian swim­suit maker part-owned by French fash­ion gi­ant LVMH Moet Hennessy Louis Vuit­ton SE, has ap­pointed ad­min­is­tra­tors cit­ing a sales down­turn from the coro­n­avirus, the lat­est ca­su­alty of the health cri­sis in the coun­try’s re­tail sec­tor.

“Seafolly made the ap­point­ment be­cause of the crip­pling fi­nan­cial im­pact of the COVID-19 pan­demic,” said Scott Lang­don and Rahul Goyal, of Kor­daMen­tha Restruc­tur­ing, in a state­ment. Seafolly’s move into ad­min­is­tra­tion points to gaps in var­i­ous cor­po­rate re­lief pack­ages set up by the Aus­tralian gov­ern­ment dur­ing the shut­down, such as a wage sub­sidy scheme and a de­fer­ral of cer­tain fi­nan­cial re­port­ing obli­ga­tions to help com­pa­nies stay afloat. A month ear­lier, Aus­tralian cloth­ing re­tailer PAS Group Ltd. hired ad­min­is­tra­tors cit­ing the pan­demic. Reuters

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