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Iconic Australian swim brand Seafolly has gone into voluntary administration citing the crippling financial impact of the COVID-19 pandemic.
Voluntary administration is somewhat similar to the bankruptcy process in the U.S.
The restructuring firm in charge of managing the Seafolly process said it will immediately put the brand up for sale. Until then, it said business will continue as usual.
Whats particularly interesting about Seafollys situation is that the brand is owned by a private equity firm backed by luxury company LVMH Mot Hennessy Louis Vuitton. And it appears L Catterton, the private equity firm, is not willing to rescue the brand.
When L Catterton acquired the controlling sta…
Read the full article at: https://shop-eat-surf.com/2020/06/seafolly-goes-into-voluntary-administration-in-australia-citing-pandemic-impact/
