Bag brand Crumpler has filed for voluntary administration after ongoing lockdowns and store closures have pushed the business to collapse.
The investment firm Crescent Capital Partners, which owns the business, has appointed Glenn Franklin and Jason Stone from PKF Melbourne as administrators.
The administrators cited ongoing lockdowns as the primary reason for the Crumpler’s collapse.
“The main contributors towards the cash flow situation are COVID-19-related closures of Melbourne and Sydney stores as well as a general downturn in the travel industry resulting in reduced demand for travel and business accessories,” a PKF spokesperson said.
The administrators are trying to secure an urgent sale of the business and are calling for interested buyers to express their interest before September 20.
Three Australians, Dave Roper, Will Miller and Stuart Crumpler, founded the modern backpack and luggage brand in Melbourne in 1995.
In 2011, Crumpler sold his share to Roper and Miller, who went on to sell the majority stake of the business to the investment firm Crescent Capital Partners in 2015.
Under Crescent Capital Partners’ management, Crumpler acquired the swimwear brand Tigerlily in 2020, just months after it had collapsed into administration.
The company currently has 11 stores, with three open for click-and-collect services and the remaining eight stores closed due to lockdowns.