Bikini icon Seafolly dives into voluntary administration
Iconic Australian bikini brand Seafolly has gone into administration, citing the crippling financial toll COVID-19 has taken on the retail sector.
The women's beachwear fashion brand has been operating since 1975 and boasts 44 stores in Australia and 12 stores overseas.
At one point it was largely considered to be the most well-known swimwear brand in the country.
Today Seafolly employs approximately 120 staff across its Australian-based business.
Today Scott Langdon and Rahul Goyal of KordaMentha were appointed as voluntary administrators for the brand.
Mr Langdon said despite the collapse into administration, it will be business as usual for both customers and staff while the process takes place.
"All Seafolly gift cards and the popular Beach Club Rewards points will continue to be redeemable at all Seafolly stores," said Mr Langdon.
"We encourage all loyal Seafolly customers to come to the retail stores and redeem their Beach Club Rewards, plus earn more points."
The administrators will look to start a sale of the business, which they say will be of interest to multiple parties.
"Given the quality of the brand and its reputation, there will inevitably be a high level of interest in purchasing the business," Mr Langdon said.
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