Australia's Metalicus declares bankruptcy, closing all stores

Australian women's fashion and innerwear retailer Metalicus declared bankruptcy late last week, forecasting the closure of retail operations.

Metalicus

Melbourne-based accountants PKF have been appointed as administrators.

Known for its stretch nylon basics in bold colours, Metalicus will close its 12 retail stores, 15 Myer concessions and an online store. 

In an email sent out on Wednesday night, Metalicus announced the news and said it was a difficult period for company staff and customers.

"Metalicus has long been recognised as an iconic Australian fashion brand and we would like to take this opportunity to thank our customers for their ongoing loyalty and support over the years," the email said.

A company spokeswoman spoke to local media last week adding that Metalicus' closure would not effect General Pants Co. or its stores.

Launched in the 1970s as an accessories label by Melma Hamersfeld, Metalicus grew to retail apparel and innerwear with mass success in the 1990s with its stockings.

PAS Group sold the ailing Metalicus brand to General Pants Co. in 2016, the youth fashion group unable to turn things around for the Australian nineties icon.

The bankruptcy news follows on the heels of Esprit's shock retail exit from Australia and New Zealand just days prior.

Australian retail sales were flat in March, according to an industry report released earlier in the month, as higher spending on food offset weakness in all other categories during the month including apparel.

Copyright © 2018 FashionNetwork.com All rights reserved.

Fashion - Ready-to-wearFashion - AccessoriesLingerieBusiness