Fashion Victim: Lisa Ho to shut its doors
Tayla Gentle / June 18, 2013 04:40 PM
Lisa Ho has joined a growing list of Australian fashion retailers falling prey to tough trading conditions, with news today that the high-end brand is set to close its doors.
Despite being one of the go-to brands for soon-to-be brides and celebrities alike, the iconic business was unable to recover after going into voluntary administration earlier this year with an estimated debt of $11 million.
Founded by the Sydney-based designer almost 30 years ago, Lisa Ho boasts 10 boutique stores, a contract with David Jones and over 200 stockists.
Photo credit: dailylife.com.au
However, the brand’s impressive reputation was not enough to revive it after several months of financial strain.
The collapse sees nearly 100 workers left unemployed, as the business closes six of its ten stores today.
Ms Ho attempted to float the business on the NSX as recently as February with plans to turn the Australian brand into an “international icon” but was dismissed due to a lack of capital and the IPO was subsequently withdrawn.
It has been confirmed by administrators, Barry Taylor and Todd Gammel of HB Mann Judd, that a sale of the Lisa Ho Group business as a going concern has not been achieved despite considerable interest.
“Discussions are continuing are continuing with a number of interested parties in relation to the purchase of intellectual property, stock and other assets,” a statement by the administrators revealed today.
Perhaps the only silver lining for Lisa Ho fans is the potential for the brand to live on in another form.
In the meantime, the business continues to operate with an immediate sale now underway until the June 30 at their Sydney, Melbourne and Brisbane locations.
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