- Stationery retailer Kikki.K has gone into voluntary administration, putting up to 450 jobs at risk.
- Co-founder and CEO Paul Lacy said a recent potential partnership with a “big global business” fell through.
- The announcement follows the collapse of a number of other retailers, including Bardot, Jeanswest and Colette by Colette Hayman.
- Visit Business Insider Australia’s homepage for more stories.
Stationery retailer Kikki.K is the latest casualty of Australia’s retail bloodbath, with the Melbourne-based global chain announcing its collapse into administration today – putting up to 450 jobs at risk.
In a statement, founder Kristina Karlsson announced the company would enter voluntary administration.
“It is with profound regret and sadness that we take this action,” she said. “This business began with a young girl’s dream 20 years ago and became an international success story with customers in over 150 countries.”
Co-founder and CEO Paul Lacy said all efforts had been made to save the business, including a potential partnership with a “big global business” which fell through. “We ran out of time and no choice but to place the company into external administration,” he said in a statement.
The administration is to be handled by Jim Downey of J.P. Downey & Co. The company has also been placed into receivership under receivers at Cor Cordis, who will operate the business while “its future is determined”.
The collapse of Kikki.K follows a number of other retailers who have been unable to maintain their fortunes during an extended rough period for the sector in Australia. In recent months, companies including Bardot, Jeanswest and Colette by Colette Hayman have all faced the administrator’s blade in pursuit of continuing viability.
The company has retail locations across Australia, New Zealand, Singapore, Hong Kong and the UK, and sells online to 140 countries worldwide.
Business Insider Emails & Alerts
Site highlights each day to your inbox.