High-end designer retailer to be liquidated as French backing company also collapses
Monday, October 13, 2014/
A high-end designer retailer will be liquidated, just over three months after collapsing into voluntary administration.
Mynetsale.com.au previously sold clothing, footwear, accessories, beauty products and homewares from Australian and international designer brands, including Ralph Lauren, Yves Saint Laurent and Calvin Klein, with customers signing up for a free membership that gave them access to 72-hour sales, during which time the items were discounted by between 60-80%.
But despite turning over approximately $12.4 million annually, Mynetsale was placed in administration on July 1, with Brent Kijurina and Richard Albarran of Hall Chadwick appointed administrators.
A second meeting of creditors was held on October 8, with Hall Chadwick notifying the Australian and Securities and Investments Commission a decision was made on the same day to wind up the company, which in July employed 11 people in Australia.
Hall Chadwick previously advertised the sale of all of Mynetsale’s assets, including a database of more than 600,000 customers.
Kijurina told SmartCompany this morning Hall Chadwick distributed 100 confidentiality deeds during the administration process “and subsequently received many offers”.
While Kijurina says none of the company’s assets were sold during the administration process, apart from some stock through existing customer orders, it is likely at least part of the business will be sold this week.
“We are currently dealing with several parties that have submitted offers and are in the process of finalising a sale of transaction with one of those parties this week,” he says.
SmartCompany understands the French holding company of Mynetsale, Mynetsale SAS, has been in financial trouble for some time and Kijurina confirmed this morning the company is also in liquidation.
The collapse follows his comments in August that “a lack of funding” from Mynetsale SAS was the primary reason for Mynetsale entering administration in Australia.
“The business is backed by a French company, which has a number of investors who ultimately decided they probably didn’t want to invest any more in the Australian subsidiary,” he said at the time.
Social media mishaps: Why businesses should think twice before cracking jokes online Catriona Pollard CP Communications founder
An ‘opportunity-hunting’ generation: Here's what millennial workers need and want Karen Gately Corporate Dojo founder
Spilling the beans: Why inviting someone to 'grab a coffee' is disingenuous and unnecessary Sue Parker DARE Group founder
Why success is simple, motivational speakers suck and Eye of The Tiger is dead to me Ian Whitworth Scene Change co-founder
How Emily McWaters manages her Sydney-based business from Kangaroo Island Emily McWaters The Hamper Emporium chief
Why 'Orwellian' performance monitoring is crucial to building an ethical company culture Michael Kodari Kodari Securities chief