A menswear chain with 15 stores has collapsed into liquidation as the sector faces tough trading conditions, including low margins and high rental costs.
PO Box (Aust) Pty Ltd, which formerly traded as menswear chain Casual Guy, called in liquidators earlier this month.
Hamish MacKinnon, director of Bent & Cougle, has been appointed liquidator, with a meeting of creditors scheduled for the June 3 in Melbourne.
PO Box purchased discount menswear retailer Casual Guy when it went into liquidation around four years ago. However, after initially closing down a number of stores, PO Box increased the total number of Casual Guy outlets to 15.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
Until recently, it also operated a warehouse in Victoria and employed around 60 people.
Founded in 1987, Casual Guy specialised in selling both formal and causal menswear at a competitive price.
Liquidator Hamish MacKinnon told SmartCompany this morning all Casual Guy stores have now ceased trading.
“All stock has been removed and all 60 staff have been terminated,” MacKinnon says.
“It would appear that the low end market of menswear is a very difficult market – most likely due to low margins, staffing costs and rentals on retail premises.”
Now more about the tough trading conditions facing Australian menswear retailers? Email email@example.com.