Cue Clothing and Veronika Maine collapse despite rising sales

retail collapse Cue Clothing Veronika Maine Hilco Capital administration

Fashion retailers Cue Clothing and Veronika Maine have collapsed, despite recent improvements in sales. Receivers from FTI Consulting stated that rising overhead costs prevented the brands from achieving profitability.

The two brands operate 51 stores across Australia and New Zealand, including boutiques and discount outlets, as well as concessions in Myer and David Jones. Kate Warwick and Vaughan Strawbridge of FTI Consulting have been appointed as receivers, while BDO serves as voluntary administrators. The companies will continue to trade while restructuring options are explored, and a sale process for the businesses as going concerns has been initiated.

The collapse follows a period of instability for the UK-based owner, Hilco Capital, which acquired the brands from the Levis family approximately one year ago. During the sale process, Cue Clothing also saw the departures of both its CEO, Melanie Remai, and CFO, Josephine Barbaro.

Entities

BDO · Cue Clothing · FTI Consulting · Hilco Capital · Veronika Maine

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Cue Clothing and Veronika Maine have collapsed. www.perthnow.com.au · thenightly.com.au
[● 2 SOURCES] Kate Warwick and Vaughan Strawbridge of FTI Consulting were appointed as receivers. www.perthnow.com.au · thenightly.com.au
[● 2 SOURCES] Increasing sales were insufficient to offset high overhead costs. www.perthnow.com.au · thenightly.com.au
[● 2 SOURCES] Hilco Capital acquired Cue Clothing and Veronika Maine from the Levis family just over a year ago. www.perthnow.com.au · thenightly.com.au
[○ 1 SOURCE] CFO Josephine Barbaro and CEO Melanie Remai departed Cue Clothing. insideretail.com.au
[● 2 SOURCES] BDO has been appointed as voluntary administrators. www.perthnow.com.au · thenightly.com.au
[● 2 SOURCES] A sale process for the brands as going concerns will commence immediately. www.perthnow.com.au · thenightly.com.au
[● 2 SOURCES] The brands operate 51 stores across Australia and New Zealand. www.perthnow.com.au · thenightly.com.au

Sources

Australian fashion brands Cue Clothing and Veronika Maine enter receivership [www.womensweekly.com.au]

1 day ago

知名女裝品牌Cue進入託管波及51家門店 | 大紀元 [www.epochtimes.com]

1 day ago

Cue Clothing without CEO, CFO as sale process continues [insideretail.com.au]

3 days ago

Popular clothing brands collapse despite improving sales [www.perthnow.com.au]

2 days ago

Cue and Veronika Maine owner enters administration as sale process begins [www.retailbiz.com.au]

1 day ago

Popular clothing brands collapse despite improving sales [thenightly.com.au]

2 days ago