“Like many other retailers, the business has been challenged by current tough market conditions and pressure from online competition,” KPMG head of retail restructuring James Stewart said in a statement. 23 Small business exports 25. “There’s a sense that it’s all too hard, and instead of sourcing better products and improving staff training, they just discount which is a lazy way to try and respond to competitive threats,” he said. A shut down is when a business temporarily closes during slow periods of the year, such as Christmas and New Year. And just yesterday news broke Jeanswest had entered voluntary administration, leaving 988 jobs at 146 stores in doubt and with KPMG blaming “current tough market conditions and pressure from online competition”. Skip to content. … then Bardot. It comes after Dimmeys went into administration in 2014. There are also some requirements when selling or closing a business, which include cancelling: your GST registration within 21 days of selling or closing your business your Australian business number (ABN) within 28 days – if your business starts to trade again in the future, or you start a new business and your business structure remains the same, you can apply to have your ABN reactivated. Join the conversation, you are commenting as, news.com.au — Australia’s leading news site. In November 2019 the retail store announced it is shutting its doors after 166 years. Several Aussie retailers have collapsed over the past several years. Andrew Spring, partner at insolvency services company Jirsch Sutherland, told Business Insider Australia retail is a challenging environment at the best of times. Members of the company may decide to voluntarily wind up the company. According to Queensland University of Technology retail expert Dr Gary Mortimer, it has been a shocking start to the new decade – and the crisis is far from over. On Tuesday, an anti-lockdown protest in Melbourne turned violent. The times, they’re a-changin’. Insolvency Services & Bankruptcy Advice. “Retail is a high turnover type industry where a lot of people find it difficult to be able to sustain that customer interest and build that product that’s going to last.”. The brutal 2020 retail bloodbath has well and truly begun, with 161 popular Australian bricks-and-mortar stores already earmarked for closure just one fortnight into the new year. Jeanswest, which went into administration earlier this week, is the latest in a growing line. At the end of the month, the Napoleon Perdis beauty empire announced the cult make-up chain’s 56 Aussie stores had closed for stocktake. This includes updating changes to the company's details and paying lodgement and annual review fees. Insolvency Guardian. … and finally Australian Geographic.Source:Supplied. Australian economy is riding on $507 billion government stim... Big rise in Australian shopping habits a promising sign for ... China hits back at Australia over Hong Kong joint statement. This is an up-to-date list of all Australian companies in the process of being liquidated. It is also called a 'close down'. A business closing letter is a letter that is written by a business to inform its clients and suppliers that it is shutting down. “Now it’s the fashion and footwear categories that are exposed to not just competition from fast fashion, but also a much more improved discount department store offer.”. To join the conversation, please Log in. 1300 60 70 60. The gaming retailer will be closing 19 “unprofitable stores” in January 2020. Latest Business News in Australia. Nationwide News Pty Limited Copyright © 2021. We took a 4-hour flight on the new Delta Airbus jet that Boeing tried to keep out of the US. “Often we find that it’s quite seasonal. It was closely followed by discount legend Dimmeys. went into administration earlier this week, Craig Shepard of administrator, KordaMentha Restructuring, said in a statement at the time, Give us your thoughts on these small business practices to win a $250 Westfield gift card, What it takes to be a reference actor for animation, Why it's physically impossible to open an aeroplane door mid-flight, Doing these 24 uncomfortable things will pay off forever, Yes, Apple just killed iTunes — here's what that means for your library of music, movies, and TV shows. The Australian Government should have acted much sooner to close entry to people entering Australia either indirectly or directly ... Shutting schools will essentially lead to business shut down. “I think over the last few years, we’ve seen that the retail environment is changing quite dramatically with the rise of this e-commerce environment,” Spring said. Harris Scarfe, which has 66 stores in Australia, entered receivership in December 2019. So what’s really going on? Business confidence and the global financial crisis 12 Finance 13 Innovation and e-commerce 15. The list also includes Bardot, Topshop, and Ed Harry. Jewellery chain Michael Hill is closing its Australian stores indefinitely because of the coronavirus pandemic. You may wish to talk to your employees directly and explain the situation. There are 2 ways to close your company if it is not in financial difficulty or insolvent: 1. You can apply to ASICto voluntarily deregister your company. EB Games, Harris Scarfe, Bardot and Curious Planet – formerly known as Australian Geographic – are all closing stores within weeks. Just days later, McWilliam’s Wines – the country’s sixth-largest wine company that has been run by the same family for more than 140 years – announced it had also appointed voluntary administrators. But there’s of course, another major factor that plays into the mix – the rise of e-commerce. Companies can be closed down after they have been placed in liquidation. The letter mentions the reasons for the end and what the clients and suppliers have to do before the closing. Last January, menswear retailer Ed Harry went into voluntary administration, and a week later, Aussie sportswear favourite Skins also revealed it was on the brink of failure after applying for bankruptcy in a Swiss court. This week, it also emerged Curious Planet – the educational retailer previously known as Australian Geographic, which is owned by parent company Co-op Bookshop – would pull 63 stores across Australia after failing to find a buyer for the brand. Menswear brand Ed Harry went into voluntary administration in January 2019 after facing “a challenging environment”. He said it was especially concerning to see fashion stores heavily discounting their stock during the peak spring racing carnival period. It's important that all your clients' tax issues are finalised before they cancel their Australian business number (ABN), which ceases that business. Here's what it was like. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram. Good communication is key to ensure that this period of … Apply for a TFN for business; Companies, trusts, partnerships and many other organisations can apply for a tax file number (TFN) using the online application below. Dr Mortimer said a number of fashion and footwear brands were mistakenly hoping to rely on their longevity in the market or heavy discounting to ride out the increased competition. 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