Denim label G-Star Australia will close after failing to find a buyer who could pull them out of voluntary administration.
G-Star Australia entered administration in May, saying traditional retailers were already facing business pressures pre-COVID-19, and that the pandemic only increased them.
Ernst & Young had stepped in as voluntary administrators, but announced on Monday that they could not find an interested buyer.
G-Star Raw is a globally recognised brand. The fact that no party was able to buy the business reflects the high level on uncertainty regarding the future prospects for the retail sector in Australia, EY said in a statement, per Nine News.
The failure to find a buyer means 57 retail outlets across Australia will shut u…
Read the full article at: https://www.pedestrian.tv/news/g-star-close-all-57-stores-australia-voluntary-administration/
