Crumpler set for ‘urgent sale’

ADMINISTRATOR PKF is seeking 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 spokesman said.

The administrator is yet to release a debt figure for the company, which records show struggled in the 2018 and 2019 financial years – the latest for which full-year reports are available.

PKF, which was appointed on August 31, said the Crumpler board determined that it had insufficient cashflow to meet its ongoing obligations.

“The main contributors towards the cashflow 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 expressions of interest for Crumpler were due to be submitted by September 20.