Adelaide-based menswear retailer Ed Harry was placed into administration this morning, another victim of Australia’s parlous retail environment.
The company, which has 130 stores in metropolitan and regional areas, targets middle-aged men, providing casual and formal wear.
Ferrier Hodgson partners Martin Lewis and John Hart have been appointed voluntary administrators and will conduct an “urgent assessment” of the financial state of the business while it continues to trade.
“We will be working closely with senior management to stabilise the business and explore options for its future including a potential sale as a going concern,” Lewis said in a statement released this morning.
Lewis said the business was in the middle of a restructure but had been hammered by difficult retail conditions and poor consumer confidence.
“This business has been undergoing a significant reconstruction process which has been progressing according to plan,” he said.
“However the difficult retail environment has placed added pressure on the funding required to complete the change initiatives across all areas of the business, leading to the appointment of administrators.”
The first “Harry” menswear store was opened in Adelaide in 1932 and in 1971 Edward Harry joined his father’s business, aggressively expanding during the 1990s.
The business was sold to current owner Neil Brine in 1993.
A first meeting of creditors will be held on March 4.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
