- Kristopher Fraser |
Denim company G-Star Raw has put the Australian extension of their company into administration putting 57 stores and 200 jobs at risk. G-Star Raw, which is based in The Netherlands, has named Ernst & Young's Justin Walsh, Stewart McCallum and Sam Freeman as administrators.
Walsh told local news sources in Australia that the coronavirus pandemic has put a strain on G-Star's stores and they expect G-Star's business will rebound as lockdown restrictions are lifted and companies are provided government stimulus, but the short-term picture is tough. G-Star's move into administration came as a surprise as they had minimal debt compared to other companies that have had to enter administration or consider filing for bankruptcy.
G-Star hasn't made any other moves with their other global arms, but if coronavirus continues to impact their key markets they will have to start looking at measures to stay afloat. The company's other key markets include New York, Paris, and London.
photo: via G-Star Raw Press Room