Retail failures continue to make headlines in Australia, with high-profile menswear retailer Roger David the latest to call in the administrators – with no hope of resurrection.
In a statement, administrators Craig Shepard and Leanne Chesser of KordaMentha confirmed they have been appointed voluntary administrators of the business.
They said that Roger David’s network of 57 stores would immediately begin closing down sales.
Mr Shepard blamed the high-cost, high-competition environment facing all Australian retailers as the cause for the company’s demise.
“Roger David, like many other fashion retailers, has been buffeted by global competition, stagnant sales and rising fixed costs,” Mr Shepard said.
“The company has been exploring all options, including a sale of the business, but has been unable to find an alternative to administration.”
On its website, Roger David has already begun advertising its closing down sale with “50 per cent off everything!”
It marks a sad end for the 76-year-old retailer. At its peak, Roger David had over 100 stores nationwide, and sold a range of men’s formal wear, casual wear, shoes and accessories.
The company has stores right across the country except for the Northern Territory. Media reports suggest it currently employs 300 people.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.