JeansWest suddenly closed down!
Whether you are an Australian or a Chinese, you must be familiar with this brand!
Jeanswest was founded in 1972 and is one of the most representative Australian local clothing brands.
Jeanswest is an iconic retail brand in Australia. It opened its first store in Perth in 1972 and currently has 146 stores in Australia employing up to 988 employees.
In China, Jeanswest was once even more popular. Since the first JeansWest store opened in Shanghai in 1997, it has taken the country by storm and is out of control. Because of its high-quality and low-price positioning and sales strategy, it has always been deeply loved by Chinese consumers in the majority of second- and third-tier cities. As of 2019, Jeanswest has opened more than 2,000 chain stores in 20 provinces in China.
Not only in China, Jeanswest stores once expanded to every corner of the world. This clothing brand has also been popular in Russia, the Middle East, New Zealand and other places. And no one thought that such a big clothing brand that was once popular all over the world would suddenly go bankrupt!
According to the Daily Mail, after the collapse of Australian clothing giant Jeanswest, 146 stores across Australia may gradually close, causing nearly 1,000 people to lose their jobs.
Starting today, Peter Gothard and James Stewart of international accounting firm KPMG have been appointed by the Australian government as voluntary trustees for JeansWest’s operations in Australia.
Even so, the future fate of the brand is probably still very pessimistic.
Peter Gothard, a partner at KPMG accounting firm, said: “Jeanswest will continue to operate under the trusteeship of KPMG, while the administrators will conduct an urgent analysis of the business.” “The administrators will Consider restructuring or selling this major Australian clothing brand and seeking urgent expressions of interest from parties interested in acquiring or investing in the business.”
James Stewart, head of KPMG’s retail restructuring business, said , like many other retailers, Jeanswest is also challenged by the current tough market environment and competitive pressure from online retailers.
He said: “The government has provided Jeanswest with the opportunity to restructure to better respond to the challenging Australian retail market.”
It is reported that the company’s operations outside Australia will not be affected by the government. In other words, China’s JeansWest will not be affected by the collapse of its parent company for the time being, but the road ahead may be very difficult. </p
