Collapsed retailer Australian Fashion Labels finds a buyer but lets go of all staff
January 13, 2021
After a tense weekend, Australian Fashion Labels has entered in to an exclusivity arrangement with a buyer for the business’ assets.
Marcus Ayres, managing director of administrator Duff & Phelps told
Inside Retail he was unable to secure a buyer for the business as a going concern, nor did he have sufficient financial resources available to him to pursue a recapitalisation.
As a result, he needed to terminate all 45 staff on Monday night.
“We worked really hard trying to get a buyer to pick up all the employees and sell this as a going concern, but it wasn’t possible for us in the tight timetable that we really needed to [make the arrangement in],” Marcus Ayres, partner at administrator Duff & Phelps, told