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Premium womenswear brands Cue and Veronika Maine have been handed over to administrators, who will be looking for a buyer after mounting costs overwhelmed the fashion labels’ owner.
FTI Consulting directors Kate Warwick and Vaughan Strawbridge have been appointed as receivers of Cue Clothing Co, while BDO restructuring leaders Duncan Clubb and Shaun McKinnon have been appointed voluntary administrators.
Cue Clothing operates both Cue and Veronika Maine, which have a combined 51 stores across Australia.
“The receivers understand that notwithstanding the increase in sales and other improvements across the group, these were insufficient to mitigate the impact of overhead costs currently in the business,” said a statement from FTI Consulting.
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The company will keep trading as receivers look at restructuring options and administrators seek buyers for the business.
More to come
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Jessica Yun is a business reporter covering retail and food for The Sydney Morning Herald and The Age.Connect via X or email.AdvertisementAdvertisement