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Napoleon Perdis enters into voluntary administration

Image via Napoleon Perdis

A tough day for Australian retail.

In sad news, Napoleon Perdis has entered into voluntary administration.

According to its appointed administrators, the company’s directors have been attempting to sell the business for months.

“The current plan for the administration process is to see whether the business can be restructured through the process or a buyer is found while the business continues to trade,” a press release reads.

Despite closing today to count stock, the brand’s 56 stores will continue to trade normally for the time being. It’s being reported, however, that hundreds of staff may face uncertain futures if the business is not successfully sold.

The news comes after the brand posted a $1.6 million loss in 2014.

You can read a full statement from Napoleon himself below:

The brand is still in high demand from our customers and is more innovative than ever, so by restructuring the business in this manner, we believe, puts it in a prime position to continue to evolve through continued trade or in a sale. My family and I are 100% committed to achieving the best outcome for all stakeholders. We are fortunate that throughout our business, we have staff and teams who have not only underpinned the business success, but who are our extended family. Their unwavering contribution will undoubtedly pave the way for the successful and strategic trade on. As we work towards our goals, we ask customers, suppliers and other interested parties to continue with their valued support of the brand.

napoleonperdis.com

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