Australian activewear brand Exoticathletica goes into administration
A popular Australian activewear brand has collapsed, owing more than $100,000 to its employees.
Exoticathletica was placed in administration on April 9, according to documents filed with the Australian Securities and Investments Commission (ASIC).
Matthew Richardson and Terry van der Velde from SV Partners have been appointed as administrators.
It's estimated the Queensland -based company owes as much as $114,000 to its staff, including $37,000 in superannuation, $73,000 in annual leave, $5800 in long service leave and $33,000 in pay in lieu of notice.
The activewear brand owes $6.7 million to Commonwealth Bank and about $5.4 million to unsecured creditors.
It also owes $211,000 to Active Apparel Group, an activewear manufacturer.
The brand was founded by Leilani Chandler in 2014 and specialises in brightly coloured and printed athleisure clothing.
According to the company's website, Chandler was inspired by Brazil's fashion culture.
'We create activewear and active lifestyle products, using innovative and elevated fabrics and fits, with bold and bright colours and prints,' the company's bio says.
The business has continued to operate during the administration process.
The creditors are seeking to sell the business via expressions of interest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News AU
42 minutes ago
- Sky News AU
Defence spending only happening ‘in the long term'
ASPI Senior Analyst Malcolm Davis discusses the Australian government's defence spending. Mr Davis told Sky News host Chris Kenny that the Albanese government has been stressing the 'challenging times' for national security. 'Although the government is increasing defence spending in the long term, that increase is not happening until the late 2028-2029 period, going into the 2030s.'
Sydney Morning Herald
an hour ago
- Sydney Morning Herald
‘How do they sleep at night?': Allan and Minns governments, experts demand Albanese fix GST
A powerful bloc of eastern states is demanding Prime Minister Anthony Albanese fix the broken GST system, as influential economists urge the government to use its thumping election mandate to wean Western Australia off a sweetheart deal on track to cost taxpayers $60 billion over 11 years. As Albanese and his ministers descend on Perth for a special cabinet meeting on Tuesday, his government is facing renewed pressure to kill off a Coalition-era policy that hiked WA's GST haul and has been dubbed the 'worst public policy decision in Australian history.' The policy that guarantees each state a minimum proportion of the GST raised in their jurisdiction has turned into the already-strained federal budget's single biggest blowout at a time when spending demands are growing in defence, aged care, NDIS and interest on the national debt. Complaints from WA leaders after the 2016 election, when Malcolm Turnbull clung onto power by maintaining a swag of seats in that state, led to him and then-treasurer Scott Morrison to prop up the state's GST allocation even though it was bathing in mining royalties and has continued to post surpluses. Scott Morrison and Albanese remained committed to the arrangement and Labor extended it last term after it too won a narrow majority of seats in 2022, key to which was snatching four WA electorates off the Coalition. But state governments and experts are now calling for change, with a review of the WA rules next year providing Albanese and Treasurer Jim Chalmers a chance to change course. Victorian Labor Premier Jacinta Allan called out WA's GST riches before delivering a state budget last month, and she told this masthead her state would continue fighting for a more equitable GST. 'Since the inception of the GST, Victoria has received $31 billion less than its population share over that period of time. So, we've been receiving less GST than we send up to Canberra and it goes off to resource rich states like Western Australia and Queensland,' she said.
The Age
an hour ago
- The Age
‘How do they sleep at night?': Allan and Minns governments, experts demand Albanese fix GST
A powerful bloc of eastern states is demanding Prime Minister Anthony Albanese fix the broken GST system, as influential economists urge the government to use its thumping election mandate to wean Western Australia off a sweetheart deal on track to cost taxpayers $60 billion over 11 years. As Albanese and his ministers descend on Perth for a special cabinet meeting on Tuesday, his government is facing renewed pressure to kill off a Coalition-era policy that hiked WA's GST haul and has been dubbed the 'worst public policy decision in Australian history.' The policy that guarantees each state a minimum proportion of the GST raised in their jurisdiction has turned into the already-strained federal budget's single biggest blowout at a time when spending demands are growing in defence, aged care, NDIS and interest on the national debt. Complaints from WA leaders after the 2016 election, when Malcolm Turnbull clung onto power by maintaining a swag of seats in that state, led to him and then-treasurer Scott Morrison to prop up the state's GST allocation even though it was bathing in mining royalties and has continued to post surpluses. Scott Morrison and Albanese remained committed to the arrangement and Labor extended it last term after it too won a narrow majority of seats in 2022, key to which was snatching four WA electorates off the Coalition. But state governments and experts are now calling for change, with a review of the WA rules next year providing Albanese and Treasurer Jim Chalmers a chance to change course. Victorian Labor Premier Jacinta Allan called out WA's GST riches before delivering a state budget last month, and she told this masthead her state would continue fighting for a more equitable GST. 'Since the inception of the GST, Victoria has received $31 billion less than its population share over that period of time. So, we've been receiving less GST than we send up to Canberra and it goes off to resource rich states like Western Australia and Queensland,' she said.
