November 10, 2018 by admin
In another blow to Australia’s already shaky fashion retail sector, women’s fashion chain Ojay has reportedly collapsed with David Coyne and Gideon Rathner of firm Lowe Lippmann appointed as administrators.
Only one day after figures from the Australian Bureau of Statistics showed overall retail sales fell 0.8 per cent in July, the worst monthly result in more than two years, it is reported that Ojay has added its name to the string of recently failed retail businesses as shoppers continue to rein in their spending habits.
Over the last 18 months the sector has been hit with a wave of high-profile retail collapses, especially in fashion, including Frat House, Brown Sugar, Grab Jeans, Bettina Liano, Satch Clothing, Ed Harry and Fletcher Jones. But fashion retailers have not been the only ones to struggle, with retailers such as bookshops Borders and Angus & Robertson and confectionary company Darrell Lea.
Ojay was founded in 1976 and has 22 stores spread across Victoria, New South Wales, Queensland and Western Australia as well as being sold in David Jones.
It is unclear at this stage the depth of Ojay’s financial troubles. The future of its stores and the jobs of more than 100 employees remain uncertain. It is believed that Ojay embarked on a massive promotion and discount strategy this year to drum up sales but the push has not helped.
Mr Coyne and Mr Rathner from Lowe Lippmann were unavailable for comment.
Ojay’s Facebook site has no mention of the store’s demise, with its last entry on August 31 celebrating the fashion style of Australian actor Asher Keddie.
“We’ve been admiring the stunning Asher Keddie who is reminding us that suits aren’t only for work days.”
The chain’s Twitter account has not been active since August 30.
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