Luxury bridal house collapses for a second time
Jeremy Nipps and Thomas Birch of Cor Cordis were appointed as administrators for Evercentre Pty Ltd — trading as Pallas Couture — earlier this month.
They are now assessing the retailer's financial position. Pallas employs 12 staff and has studios in Subiaco and Paddington in Sydney.
Cor Cordis said it would evaluate operations and explore various avenues to restructure or recapitalise the business, including the possibility of a deed of company arrangement.
'The process will allow for Pallas Couture to continue prioritising all brides and continue operations as normal, with no disruption to the business or any creation and delivery of gowns currently in production,' they said.
Mr Nipps told The West Australian on Thursday that funding had been secured from an undisclosed third party, ensuring wedding gowns can be completed and delivered to customers. He could not yet comment on what led to the company's demise. Pallas Couture's Joy Morris. Credit: Rob Duncan / The West Australian
Pallas Couture's collapse comes amid tough trading conditions for retailers as persistent cost-of-living pressures force consumers to tighten their belts, including brides-to-be when it comes to their wedding gowns.
Pallas founder Joy Morris told The West in 2015 her elaborate frocks don't come cheap, sayings brides had to have a desire to spend in excess of $5000.
Cor Cordis and Mr Nipps had already helped pull Pallas from the brink after it entered administration in November 2017, when the Australian Taxation Office applied to wind it up over an unpaid debt.
Administrators at the time attributed the demise of the business — then called Pallas Bride and Fashion — to inadequate cashflow management.
The administration concluded with Pallas' creditors approving a DOCA floated by Ms Morris, saying It represented the best option for employees.
Mr Nipps on Thursday said he was confident the business could be revived a second time.
'There is a viable business that can get through this process and continue trading as it did previously for the past eight years,' he said.
'Subject to doing a bit more investigation, this could just be a bit of a bump in the road.'
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Luxury bridal house collapses for a second time
Luxury bridal house Pallas Couture has collapsed into administration for a second time in less than eight years, but worried customers have been assured they will still receive their wedding dresses. Jeremy Nipps and Thomas Birch of Cor Cordis were appointed as administrators for Evercentre Pty Ltd — trading as Pallas Couture — earlier this month. They are now assessing the retailer's financial position. Pallas employs 12 staff and has studios in Subiaco and Paddington in Sydney. Cor Cordis said it would evaluate operations and explore various avenues to restructure or recapitalise the business, including the possibility of a deed of company arrangement. 'The process will allow for Pallas Couture to continue prioritising all brides and continue operations as normal, with no disruption to the business or any creation and delivery of gowns currently in production,' they said. Mr Nipps told The West Australian on Thursday that funding had been secured from an undisclosed third party, ensuring wedding gowns can be completed and delivered to customers. He could not yet comment on what led to the company's demise. Pallas Couture's Joy Morris. Credit: Rob Duncan / The West Australian Pallas Couture's collapse comes amid tough trading conditions for retailers as persistent cost-of-living pressures force consumers to tighten their belts, including brides-to-be when it comes to their wedding gowns. Pallas founder Joy Morris told The West in 2015 her elaborate frocks don't come cheap, sayings brides had to have a desire to spend in excess of $5000. Cor Cordis and Mr Nipps had already helped pull Pallas from the brink after it entered administration in November 2017, when the Australian Taxation Office applied to wind it up over an unpaid debt. Administrators at the time attributed the demise of the business — then called Pallas Bride and Fashion — to inadequate cashflow management. The administration concluded with Pallas' creditors approving a DOCA floated by Ms Morris, saying It represented the best option for employees. Mr Nipps on Thursday said he was confident the business could be revived a second time. 'There is a viable business that can get through this process and continue trading as it did previously for the past eight years,' he said. 'Subject to doing a bit more investigation, this could just be a bit of a bump in the road.'
