Eighty-year-old jewellery chain Bevilles has collapsed, announcing today that it will restructure its business and has entered into voluntary administration.
The jewellery chain employs about 477 people across 27 stores around Australia.
Bevilles announced the administration on its website and said it was expected that the administration period will last between 30 to 60 days starting from today.
“We believe the decision will ensure our 80-year brand continues and that we are able to focus on delivering beautiful quality jewellery and diamonds with smaller, smarter new-look stores,” the jewellery chain said in a statement.
During this time Bevilles stores will remain open and continue trading but as part of the restructure some stores will also close.
“Under the proposed restructure, it is the intent of the Beville family to reacquire the business,” the statement said.
David McEvoy and Ian Carson of PPB Advisory have been appointed as voluntary administrators.
PPB Advisory partner David McEvoy said the administrators will assess Bevilles’ restructuring proposal and report on it to creditors.
“Our intention is that most of the stores will continue to trade while we assess the ongoing viability of the business and work with management and other stakeholders to explore restructuring and sale options,” McEvoy said in a statement.
PPB Advisory was unable to provide any detail as to why Bevilles had entered into administration or the amount owing to creditors.
Cara Waters is the editor of SmartCompany. Cara was previously a senior reporter at the Financial Times website FT Adviser in London and has also worked for The Sunday Times.
