Swimsuit brand moves into administration
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