Iconic Australian surfwear brand SurfStitch collapses - as Nike launches legal action
Nike will take surfwear retailer SurfStitch to court in an effort to recover hundreds of thousands in allegedly unpaid debt.
The sportswear giant filed an application for the winding up of SurfStitch in May, and the company entered voluntary administration on June 6, documents from the Australian Securities & Investments Commission (ASIC) show.
Administrators Edwin Narayan and Domenic Calabretta of Mackay Goodwin have been appointed.
SurfStitch has previously returned to business from administration but the court could order the company into liquidation.
Nike Australia sought a winding-up order against SurfStitch, claiming it is owed $237,760, according to Supreme Court of Victoria documents, reported the Herald Sun.
The matter is scheduled to be heard next week.
SurfStitch was sold by its former parent company, Alquemie Group, to an undisclosed buyer in May last year.
'We understand the new owners have subsequently appointed voluntary administrators,' an Alquemie Group spokesperson said.
SurfStitch's website has been offline for a number of weeks, it states the site is 'currently undergoing maintenance'.
'We expect to be back soon. Thanks for your patience,' a notice reads.
The proceedings come after a lengthy series of financial troubles for SurfStitch.
The business previously collapsed in 2018, one year after appointing administrators in 2017.
The retailer was acquired in 2018 by Alceon Retail Bidco, now known as Alquemie Retail Operations, a subsidiary of Alquemie Group.
The group also includes LEGO Certified Stores, General Pants Co. and National Geographic Stores, the latter of which quietly departed the Australian market in October last year.
In May last year, Alquemie sold SurfStitch and fashion label Ginger & Smart to a mystery buyer.
The collapse follows a raft of other fashion retailers faltering in recent years.
Australian clothing giant Mosaic Brands went bust last year owing almost $250million.
Before going into administration, Mosaic announced it would shut down its brands Autograph, BeMe, Crossroads, Rockmans and W.Lane .
The closures were intended to focus resources on its other brands Katies, Millers, Noni B and Rivers, however, those brands have also since folded.
Mosaic Brands had more than 700 stores and 10 online shops, employing hundreds of people.
Among its creditors were more than a dozen Bangladeshi garment factories, owed tens of millions of dollars, with concerns those workers would be sent into poverty.
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