Administrators seek urgent Crumpler sale

ADMINISTRATOR PKF is seeking urgent expressions of interest to buy bag brand Crumpler after lockdowns and travel restrictions pushed the company into voluntary administration.

PKF said it was hopeful that a sale would occur on a “going concern” basis.

“Once a contract of sale is executed and price determined, the administrators will determine the likely return to the unsecured creditors,’’ a PKF spokesperson said.

The administrator is yet to release a debt figure for the company. PKF, which was appointed on August 31, said the Crumpler board determined that it had insufficient cash flow to meet its ongoing obligations and handed it over the administrators.

“The main contributors towards the cash flow situation are Covid-19-related closures of Melbourne and Sydney stores as well as a general downturn in the travel industry resulting in reduced demand for travel and business accessories,” PKF said.

PKF said Crumpler had 11 stores but most were closed due to lockdowns.