Shane Warne’s underwear brand enters voluntary liquidation
Tuesday, September 20, 2011/
Lime Door Brands, the clothing company behind Shane Warne’s underwear brand and a soon-to-be-released lingerie and dress line by burlesque star Dita Von Teese, has entered voluntary liquidation but its chief executive says the move has been caused by a dispute with investors and is not a reflection on the brands.
Founder and CEO Michele Hamdorf, a retail veteran formerly of Target, Myer and David Jones, says the move follows an inability to reach a commercial agreement with three unnamed seed partners over growth and international expansion plans.
Hamdorf founded the business last year and has the largest stake in the business, though not a majority.
“There’s no animosity per se,” Hamdorf says.
“I’ve been negotiating to buy out my seed partners for about eight months and have not been able to meet a resolution for the rest of the equity.”
“I didn’t have time to be in negotiations day after day and not focusing on what I do best.”
“I have so much business to get on with and I needed to break the nexus.”
Revenue for the company, which is selling in Australia and India and has plans for the United Kingdom, has not been disclosed.
Shane Warne’s underwear, socks and menswear line, Spinners, is sold in Target, Big W, Lowes and Best and Less. When questioned whether Warne might emerge as a backer of the business, Hamdorf said that option had never been ruled out, though the issue was a matter for the cricketer’s management.
“Of course Shane has been a great supporter of the company.”
A creditors meeting was held yesterday. SV Partners in Melbourne are looking after the company, but declined to provide any comment this morning.
Ironically, news of the collapse comes just days after Lime Door Brands won an award from the Australian Marketing Institute for the Shane Warne Spinners product.
“Congratulations to everyone at spinners on a great job. Spinners are winners check this out – big things ahead too!!!” Warne tweeted last week.
This article first appeared on SmartCompany.