Editor’s note: This article was published on July 3, 2014, and Emil Braun Jewellery continues to trade under different owners.
A family-owned jewellery business, which was established in 1955, has collapsed into administration.
Adajim Pty Ltd created custom designed jewellery and its website advertised “a reputation for quality, value and exceptional customer service”.
It is the latest collapse to hit the jewellery sector following the administration of Bevilles early this year.
Clyde White and Philip Newman of PCI Partners were appointed as administrators to Adajim Pty Ltd, which traded as Emil Braun Jewellery, on Monday.
White told SmartCompany at this early stage of the administration he was unable to determine the cause of the business’ collapse.
“I was only appointed a couple of days ago, we are doing our investigations at this stage and will see where will go from there,” he says.
White says the administrators are assessing whether to continue trading the business.
“We will look to maybe sell the business and do everything necessary for the benefit of the creditors,”
White did not want to provide details of the company’s turnover or the major creditors affected as creditors are still being informed.
A first meeting of creditors will be held on July 10 in Melbourne.