Potential buyers swarm around collapsed Roger David after sales skyrocket
Thursday, October 25, 2018/
The administrators of collapsed menswear chain Roger David believe there’s hope they will find a buyer to rescue the business after an outpouring of community support more than doubled sales over the last week.
In a statement sent out on Thursday morning, KordaMentha administrator Craig Shepard said parties who were shying away a week ago were showing renewed interest in the company.
A 50% off fire sale has been well-supported by shoppers, resulting in a sales spike Shepard says has given life to an ongoing effort to save the business.
There have been at least two expressions of interest in the business over the last week, SmartCompany understands.
The 74-year-old chain appointed administrators last week after struggling with the common ailments of modern retail and was expected to close down after enough cash was raised to pay creditors.
“But it has turned into something much bigger than that,” Shepard said.
‘It has brought out an amazing wave of support and loyalty for a household Aussie brand. Employees who were staring unemployment in the face have shown amazing loyalty and helping to push sales.”
Shepard said they’ve rolled out swathes of summer stock into stores in response to the renewed demand.
“There is now a possibility that there may be a buyer. Expressions of interest have been coming from interested parties who were shying away a few weeks ago. They have seen the outpouring of support for the brand on social media and in the stores,” he said.
Roger David’s previous owners had been pursuing a sale before putting the business into the hands of KordaMentha but had no luck.
“They are having a second look,” Shepard said.
Roger David had 57 stores when it appointed administrators last week, employing about 467 workers.
This story was updated on October 25 at 2:20 PM to include new information about Roger David’s workforce and potential buyers.
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