Australian womenswear label Bardot goes bust amid 'cluttered market'
Popular Australian womenswear label Bardot has gone into voluntary administration despite "significant growth" overseas in recent years.
KPMG has been appointed to restructure the company.
CEO Basil Artemides said it was "no longer viable" in its current structure amidst growing competition in a "highly cluttered" domestic market.
"Despite double-digit growth in online sales, and our highly successful expansion into the US and Europe, Bardot's retail stores in Australia are competing in a highly cluttered, and increasingly discount-driven market," he said in a statement.
"We acknowledge the potential impact that these changes may have on our team members and remain committed to open and timely communication with our stakeholders as KPMG undertakes its assessment."
Bardot, which launched in 1996, has 72 stores across Australia and employs about 800 people.
KPMG restructuring services partner Brendan Richards said stores would trade as normal and gift cards would be honoured for "the foreseeable future".
"Bardot is an iconic Australian womenswear brand with a rich history of over 20 years of growth," Mr Richards said in a statement.
"In the last five years, the business has grown significantly offshore and capitalised on its Australian heritage by distributing through high-profile international department stores.
"Although the company has experienced significant growth in overseas markets, it has faced a challenging domestic environment in recent times. We expect strong interest in the sale (and) recapitalisation process."