Aussie Swimwear Brand Seafolly Has Entered Voluntary Administration

The brand took a financial hit during the coronavirus pandemic.

Over the past year, we have seen a number of retail businesses in Australia collapse. In November 2019, popular women's fashion brand Bardot went into voluntary administration, and Jeanswest also decided to close a number of their stores across the country. 

Furthermore, EB Games announced that they're closing 19 Aussie stores, while over 160 Target stores will be closing or converting to Kmart outlets.

Now, iconic Aussie swimwear brand Seafolly has gone into voluntary administration, citing the "crippling financial impact" of the coronavirus pandemic.

As reported by the ABC, administrators from KordaMentha have been appointed and say they'll begin the process of selling the business immediately.

Administrator Scott Langdon said there will be a "high level of interest in purchasing the business" thanks to its reputation and brand quality.

Seafolly was founded in 1975 in Sydney's Bondi Beach by Peter Halas, and now has 44 stores in Australia and 12 overseas. 

At this stage, it's not clear whether stores will close or how many jobs might be lost. Seafolly has 129 employees in Australia.

It's expected that all of the Seafolly flagship stores will continue to operate and trade while the administration process unfolds.

Seafolly isn't the only swimwear brand to go into voluntary administration. Back in March, Tigerlily was also placed into voluntary administration. 

Gift cards and rewards points will still be redeemable and valid in Seafolly stores. 

Header Image: Seafolly